Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of the Chester County Economic Development Foundation. The Foundation reporting entity is defined in Note A to the Foundation's basic financial statements. Federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other governmental agencies is included on the schedule.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note B to the Foundation's basic financial statements.
The schedule of expenditures of federal awards reflects federal expenditures for all individual grants, which were active during the fiscal year.
The Foundation has not elected to use the federal de minimis indirect cost rate.