Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Daily Planet, Incorporated 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The amounts shown as current year expenditures represent only the federal portion of the actual program costs. Actual program costs, including the Organization's portion, may be more than shown.
De Minimis Rate Used: N
Rate Explanation: Daily Planet, Incorporated has elected to not use the 10% de minimis indirect cost rate.