Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: USES AN INTERNALLY DEVELOPED METHOD TO ALLOCATE INDIRECT COST
The scThe schedule of expenditures of federal awards includes the federal grant activity of Community Action Commission 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: USES AN INTERNALLY DEVELOPED METHOD TO ALLOCATE INDIRECT COST
Expenditures reported on the Schedule 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.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: USES AN INTERNALLY DEVELOPED METHOD TO ALLOCATE INDIRECT COST
Community Action Commission is currently using an internally developed method to allocate indirect costs and is not using the 10% de minimis indirect cost allocation.