Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Grantor funding under CIC's federal award agreement with Pima County, Arizona specified that CIC use the 10% de minimis indirect cost rate covered in 2 CFR ?200.414. In addition, CIC's agreements with the City of Tucson allows for rates ranging from 10% to 15%.
The accompanying schedule of expenditures of federal awards (schedule) includes Community Investment Corporation's federal grant activity for the year ended December 31, 2022. The information in this schedule is presented 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).
Title: Federal Assistance Listings (FAL) Number
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: Grantor funding under CIC's federal award agreement with Pima County, Arizona specified that CIC use the 10% de minimis indirect cost rate covered in 2 CFR ?200.414. In addition, CIC's agreements with the City of Tucson allows for rates ranging from 10% to 15%.
The program titles and Federal Assistance Listings numbers were obtained from the federal or pass-through grantor or the 2022 Federal Assistance Listings.