Audit 4964

Title: NOTE 1 PURPOSE OF SCHEDULE Accounting Policies: Basis of Presentation Federal Financial Assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance that nonfederal entities receive or administer in the form of grants, cooperative agreements, loans, loan guarantees, property (including donated surplus property), interest subsidies, insurance, food commodities, direct appropriations and other assistance, but does not include amounts received as reimbursements for services rendered to individuals. Accordingly, nonmonetary federal assistance may be included in federal financial assistance and therefore, may be reported on the schedule. National Sunflower Association received no nonmonetary federal assistance during the year ended September 30, 2023. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing – Uniform Guidance requires the schedule to show the total expenditures for each of the federal financial assistance programs as identified in the Assistance Listing (AL). The AL is a government wide compendium of individual federal programs. Major Programs The Uniform Guidance established the levels of expenditures to be used in defining major federal financial assistance programs. The dollar threshold to distinguish Type A and Type B programs was $750,000. Reporting Entity The schedule includes all federal financial assistance programs administered by the organization. Basis of Accounting Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Elections The organization has not elected to use the 10 percent de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: The organization has not elected to use the 10 percent de minimis indirect cost rate. The Schedule of Expenditures of Federal Awards (schedule) is a supplementary schedule to the financial statements and is presented for purposes of additional analysis. The schedule is required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance).

Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of Presentation Federal Financial Assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance that nonfederal entities receive or administer in the form of grants, cooperative agreements, loans, loan guarantees, property (including donated surplus property), interest subsidies, insurance, food commodities, direct appropriations and other assistance, but does not include amounts received as reimbursements for services rendered to individuals. Accordingly, nonmonetary federal assistance may be included in federal financial assistance and therefore, may be reported on the schedule. National Sunflower Association received no nonmonetary federal assistance during the year ended September 30, 2023. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing – Uniform Guidance requires the schedule to show the total expenditures for each of the federal financial assistance programs as identified in the Assistance Listing (AL). The AL is a government wide compendium of individual federal programs. Major Programs The Uniform Guidance established the levels of expenditures to be used in defining major federal financial assistance programs. The dollar threshold to distinguish Type A and Type B programs was $750,000. Reporting Entity The schedule includes all federal financial assistance programs administered by the organization. Basis of Accounting Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Elections The organization has not elected to use the 10 percent de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: The organization has not elected to use the 10 percent de minimis indirect cost rate. Basis of Presentation Federal Financial Assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance that nonfederal entities receive or administer in the form of grants, cooperative agreements, loans, loan guarantees, property (including donated surplus property), interest subsidies, insurance, food commodities, direct appropriations and other assistance, but does not include amounts received as reimbursements for services rendered to individuals. Accordingly, nonmonetary federal assistance may be included in federal financial assistance and therefore, may be reported on the schedule. National Sunflower Association received no nonmonetary federal assistance during the year ended September 30, 2023. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing – Uniform Guidance requires the schedule to show the total expenditures for each of the federal financial assistance programs as identified in the Assistance Listing (AL). The AL is a government wide compendium of individual federal programs. Major Programs The Uniform Guidance established the levels of expenditures to be used in defining major federal financial assistance programs. The dollar threshold to distinguish Type A and Type B programs was $750,000. Reporting Entity The schedule includes all federal financial assistance programs administered by the organization. Basis of Accounting Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Elections The organization has not elected to use the 10 percent de minimis indirect cost rate.