Notes to SEFA
Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes all federal grant activity of Pacific Ocean Energy Trust (the Organization) and is presented using the accrual basis of accounting in accordance with accounting principles generally accepted in the Unites States of America. The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.