Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Basis of presentation & Summary of significant accounting policies
De Minimis Rate Used: Y
Rate Explanation: Maine Development Foundation has elected to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all
federal award programs of the Maine Development Foundation. All federal awards received
directly from federal agencies as well as federal awards passed through other governmental
agencies are included on the schedule. The information in this schedule is presented in
accordance with the requirements of the Uniform Guidance. Because the schedule presents only
a selected portion of the operations of Maine Development Foundation, it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Maine
Development Foundation.
Title: Summary of Significant accounting Policies
Accounting Policies: Basis of presentation & Summary of significant accounting policies
De Minimis Rate Used: Y
Rate Explanation: Maine Development Foundation has elected to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual
basis of accounting.
Maine Development Foundation has elected to use the 10% de minimis indirect cost rate allowed
under the Uniform Guidance.