Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal awards and state financial assistance of the Agency. The Agency is defined in Note 1 of the Notes to the Financial Statements. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other governmental agencies are included on the schedules of expenditures of federal awards and state financial assistance.
The accompanying schedules of expenditures of federal awards and state financial assistance are 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 schedules 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:
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal and state financial reports.
The Agency has elected to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.