Notes to SEFA
Title: Deferred Awards
Accounting Policies: Expenditures included in the Schedule are reported on the MH/MR 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. Fayette Resources has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. Pass-through entity identifying numbers are presented where applicable. Certain costs included in the accompanying Schedule of Expenditures of Federal Awards have been capitalized for financial statement purposes and are, therefore, not included in the accompanying Statement of Activities.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Fayette Resources recognizes federal grants in excess of program expenditures as deferred awards. Deferred awards utilized as expenses are incurred through performance of the program.
Title: Accrued Awards
Accounting Policies: Expenditures included in the Schedule are reported on the MH/MR 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. Fayette Resources has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. Pass-through entity identifying numbers are presented where applicable. Certain costs included in the accompanying Schedule of Expenditures of Federal Awards have been capitalized for financial statement purposes and are, therefore, not included in the accompanying Statement of Activities.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant revenues are accrued according to the specifications set forth in the specific grant agreements. Grants received by Fayette Resources are based upon funds available for distribution by the grantor or pass-through entity. Therefore, Fayette Resources recognizes expenditures in excess of grants as accrued awards.
Title: Reporting
Accounting Policies: Expenditures included in the Schedule are reported on the MH/MR 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. Fayette Resources has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. Pass-through entity identifying numbers are presented where applicable. Certain costs included in the accompanying Schedule of Expenditures of Federal Awards have been capitalized for financial statement purposes and are, therefore, not included in the accompanying Statement of Activities.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Reporting requirements for Provider Relief Funds (PRF) are based on the last day that the provider is required to spend the funds. Fayette Resources received PRF Round 2 funds in September of 2020 and PRF Round 2 Funds were required to be spent by December 31, 2021. Funds received and spent were then required to be reported to the PRF Reporting Portal beginning January 1, 2022 through March 31, 2022 and the PRF funds were required to be reported on Fayette Resources SEFA based upon their PRF Reporting Portal timeline. Based upon the PRF Reporting Portal time period ending on March 31, 2022, the PRF Round 2 funds received by Fayette Resources were required to be reported on the SEFA for the fiscal year ended June 30, 2022.