Notes to SEFA
The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Agency. The Agency is defined in Note 1 of the Notes to the Financial Statements. All federal awards passed through other governmental agencies are included on the schedules of expenditures of federal awards.
The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting. This basis of accounting is described in the Notes to the Agency’s financial statements.
Amounts reported in the accompanying schedule agree with amounts reported in the Agency’s Financial Statements. Financial assistance revenues are reported in the Agency’s financial statements on a GAAP basis as follows: SEE NOTES TO SEFA FOR CHART/TABLE
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports.
The Agency has elected to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.