Notes to SEFA
Title: NOTE 3 BASIS OF ACCOUNTING
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of Cornell Cooperative Extension Association of Oneida County and is presented on the accrual basis of accounting. 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). Because the schedule presents only a selected portion of the operations of Cornell Cooperative Extension Association of Oneida County, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts reported in the schedule of federal awards are recorded using 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 reimbursements. Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements.