Notes to SEFA
Accounting Policies: 1. Summary of Significant Accounting PoliciesBasis of Presentation The accompanying schedule of expenditures of federal awards(the Schedule) includes the activity of all federal awards programs administered by SheasOConnell Preservation Guild, Ltd. and Affiliates (collectively, the Organization), underprograms of the federal government for the year ended June 30, 2022 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 (Uniform Guidance).Federal awards received directly from federal agencies, as well as federal awards passedthrough from other governmental agencies, are included on the Schedule.Basis of Accounting The accompanying Schedule is presented using the accrual basis ofaccounting. The amounts reported as federal expenditures were obtained from appropriatefinancial reports for the applicable program and periods. The amounts reported in thesefinancial reports are prepared from records maintained for the program. These records areperiodically reconciled to the general ledger, which is the source of supporting data for theOrganizations consolidated financial statements.Indirect Costs The Organization has elected not to use the 10 percent de minimis indirectcost rate as allowed under Uniform Guidance and instead uses the overhead allocation rateprovided by the specific contracts for the applicable program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.