Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements. 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 reimbursement. Pass-through entity identifying numbers are presented where available. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Community Council of South Central Texas, Inc. (Corporation) under programs of the federal governments for the year ended October 31, 2022, for the Corporation. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations 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.
Title: COMMITMENTS AND CONTINGENCIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements. 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 reimbursement. Pass-through entity identifying numbers are presented where available. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal grants received by the Corporation are subject to review and audit by grantor agencies. The Corporations management believes that the results of such audits will not have a material effect on the Schedule.