Notes to SEFA
Title: Matching Costs
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting and the amounts presented are derived from the Corporation’s general ledger. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the Federal financial reports used as the source for the data presented. The Corporation uses an approved federal rate for indirect costs.
Matching costs, i.e., the Corporation’s share of certain program costs, are not included in the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting and the amounts presented are derived from the Corporation’s general ledger. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the schedule of expenditures of federal awards up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the Federal financial reports used as the source for the data presented. The Corporation uses an approved federal rate for indirect costs.
The Corporation did not provide any funding to subrecipients during the years ended February 28, 2023 and 2022.