Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Sequatchie Valley Educational Development Agency and is presented on the modified accrual basis of accounting. The information is presented in accordance with the requirements of Title 2 US Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may be different from amounts presented in, or used in the preparation of the financial statements.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited to reimbursement. SVEDA has elected not to use the 10% deminimis indirect cost rate allowed under the Uniform Guidance.
Of the federal expenditures presented in the schedule, the SVEDA did not provide federal awards to subrecipients.