Notes to SEFA
The schedule of expenditures of federal awards includes only the current year federal grant activity of the Association and is presented on the accrual basis of accounting. This information 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. Amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the basic financial statements, although such differences are not material.
The Association has elected to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance, except for awards where the federal agency has prescribed a specific indirect cost ate, in which case that rate is used.