Notes to SEFA
Title: NOTE 3 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative costs and has not elected to use the 10% de minimis cost rate.
The accompanying schedule includes the federal award activity of Spectra Health under programs of the federal government for the year ended May 31, 2022. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Spectra Health, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Spectra Health.
Title: NOTE 4 FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: Expenditures reported in the 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization does not draw for indirect administrative costs and has not elected to use the 10% de minimis cost rate.
Government grant revenue per the Statement of Activities for the year ended May 31, 2022 has been reconciled to the total federal expenditures per the Schedule of Expenditures of Federal Awards as follows: Grant income $3,055,096 Less: nonfederal awards (487,216) Total $2,567,880 Total federal expenditures on the SEFA $2,567,880.