Notes to SEFA
Basis of presentation – The schedule of expenditures of federal awards is prepared 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 (Uniform Guidance). Federal expenditures include allowable costs funded by federal grants. Allowable costs are subject to the cost principles of the Uniform Guidance and include costs that are recognized as expenses in the Parks Board’s financial statements in conformity with generally accepted accounting principles. The Parks Board has not elected to use the 10% de minimis cost rate for indirect costs and does not charge indirect costs to its federal grants. Because the schedule presents only a selected portion of the operations of the Parks Board, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Parks Board.