Notes to SEFA
Title: 3. Pass-Through Awards
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Association under programs of the federal government for the year ended December 31, 2022. The information in this 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). The Schedule is prepared on an accrual basis of accounting. Because the Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, results of operations, or cash flows of the Association. Expenditures reported on the Schedule are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Association receives certain awards from pass-through awards. The amounts of such pass-through awards are included on the Schedule.