Notes to SEFA
Accounting Policies: The accompanying SEFA includes all federal grants and contracts of the Corporation that had activity during the year ended June 30, 2022. The information in the SEFA 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 SEFA presents only a selected portion of the operation of the Corporation, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Corporation. This schedule has been prepared on the accrual basis of accounting. Grants and contracts expenditures are recorded when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.