Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Buy California Marketing Agreement (Organization) under programs of the federal government for the year ended June 30, 2024. The information in this 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 Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of Organization.
Expenditures reported on the Schedule are presented on the accrual basis of accounting. This is the same basis the financial statements are presented. 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.
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.