Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTINGThe accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the grant activity of Peace Over Violence and is presented on the accrual basis of accounting. The information in this Schedule 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. Therefore some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported in prior years.NOTE 3 INDIRECT COST RATEPeace Over Violence elected to use the federally allowable 10 percent de minimis indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.