Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the "Schedule") includes thefederal grant activity of Mi Centro under programs of the federal government for the year endedJune 30, 2022. The information in the Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations ("CFR") Part 200, UniformAdministrative Requirements, Cost Principles and Audit Requirements for Federal Awards("Uniform Guidance"). Because the Schedule presents only a select portion of the operationsof Mi Centro, it is not intended to, and does not, present the financial position, changes in netassets or cash flows of Mi Centro.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:1) Expenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.2) Mi Centro has elected not to use the 10% de minimis rate as allowed under the UniformGuidance.