Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes all federal grant activity of Upper Klamath Basin Ag Collaborative (UKBAC). The schedule is presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. The information in the 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of UKBAC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of UKBAC.
Expenditures reported on the schedule 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.
UKBAC has elected to use the 10 percent de minimis indirect cost rate under the Uniform Guidance.