Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cornerstone Community Action Agency, Inc.
and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts
presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cornerstone Community Action Agency, Inc.
and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts
presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: NOTE B - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Cornerstone Community Action Agency, Inc.
and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts
presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: NONE
Cornerstone Community Action Agency, Inc, did elect to use the de minimis cost rate during the year ended December 31, 2024.