Notes to SEFA
Accounting Policies: Note 1 - GeneralThe accompanying schedule of expenditures of Federal Awards presents the activity of all federal awards programs of Florida State Minority Supplier Development Council, Inc. (FSMSDC), for the year ended December 31, 2022. All federal awards expended from federal agencies are included in this schedule.Note 2 - Basis of AccountingThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.Note 3 - Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal programs of FSMSDC for the year ended December 31, 2022. All expenditures related to federal awards received directly from Federal agencies are included in the accompanying Schedule. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.