Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONA. Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grantactivity of MACOG under programs of the federal government for the year ended June 30, 2022. Theinformation in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selectportion of the operations of MACOG, it is not intended to and does not present the financial position ofMACOG.B. Other Significant Accounting PoliciesExpenditures reported on the SEFA are reported on the accrual basis of accounting. Such expendituresare recognized following cost principles contained in Uniform Guidance, wherein certain types ofexpenditures are not allowed or are limited as to reimbursement. When federal grants are received ona reimbursement basis, the federal awards are considered expended when the expenses are incurred.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - INDIRECT COST RATEMACOG has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.