Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION: The accompanying schedule of Expenditures of Federal Awards (the "Schedule") includes thefederal grant activity of Missouri Bootheel Regional Consortium, Inc. ("MBRC") under programsof the federal government for the year ended September 30, 2022. The information in thisschedule is presented in accordance with the requirements of the Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of MBRC, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of MBRC.NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:Expenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.NOTE 3 - INDIRECT COST RATE:MBRC has not elected to use the 10 percent de minimis indirect cost rate as allowable under theUniform Guidance.-
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.