Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThis schedule of expenditures of federal awards includes the federal grant activity of Manufacturing Advocacy andGrowth Network, Inc. (MAGNET) (the Organization) and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2, Uniform AdministrationRequirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presentedin this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements.Because the schedule only presents a selected portion of the operations of MAGNET, it is not intended to and doesnot present the financial position, changes in net assets, functional expenses or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: MAGNET has not elected to use the ten percent de minimis indirect cost rate for reimbursement of indirect costs.