Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the LCCAC. The 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 (“Uniform Guidance”). The amounts presented in the Schedule agree to the amounts presented in or used in the preparation of the basic financial statements.
The Schedule is presented using the accrual basis of accounting, which is described in the note of Summary of Significant Accounting Policies to the LCCAC’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
The LCCAC did not use the 15% de-minimis cost rate.