Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of the East Central Council of Governments (ECCOG), for the year ended December 31, 2024. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of ECCOG, it is not intended to and does not present the financial position, changes in net assets or cash flows of ECCOG. The Schedule includes federally funded projects received directly from federal agencies and the federal amount of pass-through awards received by ECCOG through the State of Colorado or other non-federal entities.
ECCOG’s summary of significant accounting policies is presented in Note 1 in ECCOG’s basic financial statements. Governmental funds account for ECCOG’s federal grant activity. Amounts reported in the Schedule are recognized on the modified accrual basis when they become a demand on current available federal resources and other program requirements are met. Available means collectible within the current period, or soon enough thereafter, to pay liabilities of the current period or when matured. ECCOG considers all grant revenue as available if it is anticipated to be collected within one year after the financial statement date. Such expenditures are recognized following, as applicable, the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements or reports to federal agencies.
ECCOG has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.
Although the Schedule of Expenditures of Federal Awards is prepared to the best of ECCOG's knowledge and belief, amounts received or receivable from grantor agencies are subject to audit and adjustment by the grantor agencies, principally the federal government. Any disallowed claims, including the amount already collected, may constitute a liability of the applicable funds. The amount of expenditures which may be disallowed by the grantor, if any, cannot be determined at this time.