Notes to SEFA
Accounting Policies: NOTE A Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of NEWS and is presented on the accrual basis of accounting. The Information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.NOTE B Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursements.NOTE C 10% De MinimisThe Organization did elect to use the 10% De Minimis rate.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.