Notes to SEFA
Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Rural Economic Assistance League, Inc. and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.Sub-recipients During the year ended December 31, 2022, Rural Economic Assistance League, Inc. had no sub-recipients.Federal Loans and Loan GuaranteesDuring the year ended December 31, 2022, Rural Economic Assistance League, Inc. had no federally insurance and loan guarantees.Federally Funded Insurance During the year ended December 31, 2022, Rural Economic Assistance League, Inc. had no federally funded insurance.Noncash AwardsDuring the year ended December 31, 2022, Rural Economic Assistance League, Inc. did not have any federal awards in the form of noncash assistance.Indirect Cost RateThe Uniform Guidance allows an organization to elect a 10% de minimus indirect cost rate. For the year ended December 31, 2022, Rural Economic Assistance League, Inc. elected to use this rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.