Audit 52276

Accounting Policies: NOTE 1 PURPOSE OF SCHEDULEThe Schedule of Expenditures of Federal Awards (schedule) is a supplementary schedule to the financialstatements and is presented for purposes of additional analysis. The schedule is required by Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance).NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationFederal Financial Assistance Pursuant to the Uniform Guidance, federal financial assistance is defined asassistance that nonfederal entities receive or administer in the form of grants, cooperative agreements, loans, loanguarantees, property (including donated surplus property), interest subsidies, insurance, food commodities, directappropriations and other assistance, but does not include amounts received as reimbursements for servicesrendered to individuals. Accordingly, nonmonetary federal assistance may be included in federal financialassistance and therefore, may be reported on the schedule. National Sunflower Association received nononmonetary federal assistance during the year ended September 30, 2022. Federal financial assistance does notinclude direct federal cash assistance to individuals.Assistance Listing Uniform Guidance requires the schedule to show the total expenditures for each of the federalfinancial assistance programs as identified in the Assistance Listing (AL). The AL is a government widecompendium of individual federal programs.Major ProgramsThe Uniform Guidance established the levels of expenditures to be used in defining major federal financialassistance programs. The dollar threshold to distinguish Type A and Type B programs was $750,000.Reporting EntityThe schedule includes all federal financial assistance programs administered by the organization.Basis of AccountingExpenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-profitOrganizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.ElectionsThe organization has not elected to use the 10 percent de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.