Notes to SEFA
Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting for expenditures. The cost principles contained in Subpart E - Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Centers summary of significant accounting policies is presented in Note 2 of the Centers basic consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Utah World Trade Center Corporation and Utah World Trade Center Foundation (collectively, the Center). The reporting entity is defined in Note 1 to the basic consolidated financial statements. All federal awards received directly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards.
Title: Non-cash assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting for expenditures. The cost principles contained in Subpart E - Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Centers summary of significant accounting policies is presented in Note 2 of the Centers basic consolidated financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Center received no non-cash assistance during the period presented.