Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: (a). Expenditures reported on the Schedule are reported on 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 arelimited as to reimbursement. (b). Pass-through entity identifying numbers are presented where available.(c). No amounts were passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includesthe federal grant activity of North Iowa Community Action Organization under programsof the federal government for the year ended September 30, 2022. The information inthis Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of North Iowa Community ActionOrganization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of North Iowa Community Action Organization.