Notes to SEFA
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards presents the activities in all the federal awardsprograms of Structured Employment Economic Development Corporation. All financial awards receiveddirectly from federal agencies as well as financial awards passed through other governmental agencies ornon-profit organizations are included on the schedule.2. BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrual basis ofaccounting. The amounts reported in this schedule as expenditures may differ from certain financial reportssubmitted to federal funding agencies due to those reports being submitted on either a cash or modifiedaccrual basis of accounting.3. RELATIONSHIP TO BASIC CONSOLIDATED FINANCIAL STATEMENTSExpenditures of federal awards are reported on the consolidated statement of activities and changes in netassets (deficit) as program services. In certain programs, the expenditures reported in the basic consolidatedfinancial statements may differ from the expenditures reported on the schedule of expenditures of federalawards due to program expenditures exceeding grant or contract budget limitations, matching or in-kindcontributions or capitalization policies required under accounting principles generally accepted in the UnitedStates of America.4. INDIRECT COSTSeedco has a federally negotiated indirect cost rate for its federal programs as covered in section 200.414 inthe Uniform Guidance.5. SUBRECIPIENTSFor the year ended December 31, 2022, Seedco awarded $736,908 to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.