Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant activity of National Cotton Council of America. The information in the 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 “Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the presentation of the basic financial statements.
Expenditures 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.
National Cotton Council of America uses the 10% de minimus indirect cost rate as allowed under the Uniform Guidance for direct funding grants.
No federal funds were provided to subrecipients during the audit period.