Notes to SEFA
Accounting Policies: Note 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Companies under programs of the federal government for the year ended December 31, 2022. The information in the Schedule 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 activities of the Companies, it is not intended to, and does not, present the consolidated statements of financial position, activities and changes in net assets, functional expenses, or cash flows of the Companies. Note 2. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. 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 Companies have negotiated an indirect cost rate that is being used for federal awards; therefore, the Companies have not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.