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