Notes to SEFA
Accounting Policies: Note A - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of MidAtlantic Employers Association and Related Entities and is presented on the accrual basis of accounting. 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of operations of MidAtlantic Employers Association and Related Entities, it is not intended to and does not present the financial position, changes in net assets, or cash flows of MidAtlantic Employers Association and Related Entities. Note B - Summary of Significant Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards 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 are limited as to reimbursement. Negative amounts shown on the Schedule of Expenditures of Federal Awards represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.