Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activityof Lanakila Pacific and is presented on the accrual basis of accounting. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Therefore, certain amounts presented in this Schedule may differ from amountspresented in, or used in the preparation of the consolidated financial statements. Because the Schedulepresents only a selected portion of the operations of Lanakila Pacific, it is not intended to and does not presentthe consolidated financial position, changes in net assets, or cash flows of Lanakila Pacific.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe expenditures are recognized following the cost contained in the Uniform Guidance, whereincertain types of expenditures are not allowable to reimbursement. In addition, pass-throughentity identifying numbers are presented.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.