Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of COVA and is presented on the accrualbasis of accounting. The information in this schedule is presented in accordance with the requirements of Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: Y
Rate Explanation: COVA uses the 10% de minimis cost rate allowed in Title 2 U.S. Code of Federal Regulations (CFR) Part 200.414, Indirect (F & A) costs.