Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal award programs of Liberty Resources, Inc. and Affiliates (the Organizations). The schedule includes expenditures of federal programs received directly from federal agencies, as well as federal assistance passed through other organizations.
The accompanying schedule has been prepared in conformity with accounting principles generally accepted in the United States of America. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
The Organizations did not elect to use the 10% de minimis rate as allowed under the Uniform Guidance.