Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal expenditures activity of Gill Park Cooperative, HUD Project No. 071-35372, and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. NOTE 2 - OTHER FEDERAL ASSISTANCE During the year ended June 30, 2022, the Cooperative did not receive any other Federal assistance such as noncash assistance, insurance, loans or loan guarantees.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.