Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the accompanying North Front Range Transportation & Air Quality Planning Council (the Council) Schedule of Expenditures of Federal Awards (the Schedule) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Council also provided Federal funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Council did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance.
The Schedule includes the Federal award activity of the Council under programs of the Federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Council.