Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Solano EDC.
The accompanying schedule of expenditures of federal awards of Solano EDC 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Solano EDC has received federal grants for specific purposes that are subject to review and audit by the Federal Government. Although such audits could result in expenditure disallowance under grant terms, any required reimbursements are not expected to be material which have not already been recorded.
Solano EDC has elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.