Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The SEFA is prepared on the accrual basis of accounting. Federal expenditurs are recognized when incurred. The information in this schedule is presented in accordance with the requirements of 2 CFR 200.510(b)(6)
De Minimis Rate Used: N
Rate Explanation: BROC Community action used a federally approved indirect rate of 30.4%
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of BROC Community Action and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures are reported on the [cash/accrual] basis of accounting, consistent with the financial statements.