Notes to SEFA
The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements of the Uniform Guidance.
For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.
For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.
The Eastern Connecticut Workforce Investment Board, Inc., has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Eastern Connecticut Workforce Investment Board, Inc. did not receive other federal assistance in the form of insurance, loans, or loan guarantees.