Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (SEFA) includes thefederal award activity of the Council under the programs of the federal government forthe year ended December 31, 2022. The information in the SEFA is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the SEFA presents only a selectedportion of the operations of the Council, it is not intended to, and does not, present thefinancial position, changes in net assets, or cash flows of the Council.2. Summary of Significant Accounting PoliciesThe expenditures reported on the SEFA are reported on the accrual basis of accounting.Such expenditures follow the cost principles contained in the Uniform Guidance. Forexisting awards prior to December 26, 2014, the expenditures follow the cost principlescontained in OMB Circular A-122, Cost Principles for Nonprofit Organizations. Thecost principles indicate that certain types of expenditures are not allowable orreimbursements of allowable costs are limited as to reimbursement.3. Indirect Cost RateThe Council records its expenditures of federal awards using the indirect cost and fringebenefit rate per the nonprofit rate agreement with the federal government, which wasapproved in accordance with the authority of the Uniform Guidance.In this manner, the Council has elected not to use the 10% de minimis indirect cost rateas allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.