Notes to SEFA
The audit was performed pursuant to the Single Audit Act of 1996 and the Uniform Guidance. Summary of significant accounting policies: The Schedule of Expenditures of Federal Awards has been prepared on the full accrual basis of accounting used by the Bureau in preparation of the government wide financial statements that report these awards. The accounting policies of the Bureau conform to accounting principles generally accepted in the United States of America as applicable to governmental units. The preparation of the Schedule of Expenditures of Federal Awards in conformity with accounting principles generally accepted in the United States of America requires management to make certain assumptions that affect the reported amounts of expenditures during the reporting period. Actual results could differ from those estimates.
Disbursements reported in the Schedule of Expenditures of Federal Awards cannot be traced, in every case, directly to the disbursements reported in the Bureau’s Financial Report. However, the detailed information regarding the disbursements reflected in both issued reports can be traced to the Bureau’s detailed general ledger with adjustments for any year-end financial statement accruals and reversals.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Bureau that were received directly from federal agencies or passed through other entities and governmental agencies.
The Bureau did not elect to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Bureau did not make any payments to subrecipients during the current fiscal year.