Notes to SEFA
Accounting Policies: (1) BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal, state and city awards includes the federal, state and city award activities of National Nurse-Led Care Consortium for the year ended June 30, 2022. Financial assistance received directly from federal agencies, as well as financial awards passed through other governmental and nonprofit agencies, are presented on the schedule of expenditures of federal, state and city awards. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.(2) 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, wherein certain types of expenditures are not allowable or are limited to reimbursement. NNCC has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.(3) RELATIONSHIP TO BASIC FINANCIAL STATEMENTSFederal, state and city awards expenditures are reported on the statements of activities as expenses. Amounts required to be reported on the schedule of expenditures of federal, state and city awards may differ from expenses reported in the basic financial statements due to presentation differences.
De Minimis Rate Used: N
Rate Explanation: NNCC has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.