Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CNFA has not elected the 10% indirect cost rate recovery option.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of CNFA under programs of the federal government for the year ended December 31, 2022. 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 the operations of CNFA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CNFA as a whole.
Title: RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: CNFA has not elected the 10% indirect cost rate recovery option.
Total revenue from Government grants, cooperative agreements and contracts per statement of activities $ 60,627,457Fixed fee and other grant revenue in excess of expenditures (643,857)Total expenditures of federal awards $ 59,983,600