Notes to SEFA
Accounting Policies: A. BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards include the federal grant activity of the Council and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Single Audit Act and Subpart F of Title 2 U.S. Code of Regulations ("CFR") Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Council, it is not intended to and does not present the financial position or change in net position of the Council. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - The Council recognizes grant revenues when related expenditures are incurred on an accrual basis; that is, activities prerequisite to obtaining benefit have been completed, such as complying with the terms and conditions of the grant agreement.
De Minimis Rate Used: N
Rate Explanation: The Council does not have an indirect cost rate nor does it use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.