Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expeditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association uses a provisional indirect cost rate approved by the federal agency; therefore, the Association has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activities in all of the federal award programs of the American Public Gardens Association. All federal awards received directly from federal agencies as well as awards passed through other governmental agencies or not-for-profit organizations are included on this schedule. The information presented in this schedule is presented in accordance with the requirements of Title 2 U.S. Code fo Federal Regulations (CFR) Part 200, Uniform Administarative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expeditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Association uses a provisional indirect cost rate approved by the federal agency; therefore, the Association has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal award expenditures are reported on the statement of activites. In certain programs, the expenditures reported in the financial statements may differ from the expeditures reported in the schedule of expenditures of federal awards because not all expenditures are required to be reported on the schedule of expenditures of federal awards.