Notes to SEFA
Accounting Policies: (1) GENERAL INFORMATIONThe accompanying schedule of expenditures of federal and Commonwealth of Pennsylvania Departments ofCommunity and Economic Development, Human Services and Transportation awards, presents the activities inall the federal, state and county awards programs of the Corporation. All government financial assistancereceived directly from federal, state or county agencies, as well as financial assistance passed through othergovernmental agencies or not-for-profit organizations, is included on the schedule.(2) BASIS OF ACCOUNTINGThe schedule of expenditures of federal and Commonwealth of Pennsylvania Departments of Community andEconomic Development, Human Services and Transportation Awards is presented using the accrual basis ofaccounting. The amounts reported in this schedule as expenditures may differ from certain financial reportssubmitted to funding sources on either a cash or modified accrual basis of accounting.(3) RELATIONSHIP TO BASIC FINANCIAL STATEMENTSFederal, state and county awards expenditures are reported on the statements of activities and functionalexpenses. In certain programs, the expenditures reported in the basic financial statements may differ from theexpenditures reported in the schedule of expenditures of federal and Commonwealth of PennsylvaniaDepartments of Community and Economic Development, Human Services and Transportation awards becauseprogram expenditures exceeding grant or contract budget limitations are not reflected on the schedule ofexpenditures of federal, state and county awards.(4) INDIRECT COSTSThe Corporation has not elected to use the 10-percent de minimus indirect cost rate allowed under the UniformGuidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.