Notes to SEFA
Title: Program Income
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Consortiums government-wide financial statements, which are prepared using Generally Accepted Accounting Principles (GAAP).
De Minimis Rate Used: N
Rate Explanation: The Consortium has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Consortium uses the deductive method to report program income. This method requires the grantee to use the income as an offset against expenditures before requesting additional grant funding. The method reports the net of revenues less expenditures as program income. The gross amount of income applied toward WIOA grant costs was $1,845.