Notes to SEFA
Accounting Policies: NOTE A - ACCOUNTING BASISBASIC FINANCIAL STATEMENTSThe accounting policies of the Connecticut Maritime Foundation, Inc. conform to accountingprinciples generally accepted in the United States of America as applicable to nonprofitorganizations.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSThe accompanying schedule of expenditures of federal awards has been prepared on theaccrual basis consistent with the preparation of the basic financial statements. Informationincluded in the schedule of expenditures of federal awards is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance).For cost reimbursement awards, revenues are recognized to the extent of expenditures.Expenditures have been recognized to the extent the related obligation was incurred withinthe applicable grant period and liquidated within 90 days after the end of the grant period.For performance-based awards, revenues are recognized to the extent of performanceachieved during the grant period.Connecticut Maritime Foundation, Inc. has not elected to use the 10% de Minimis indirectcost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.