Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: The information 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 (Uniform Guidance). The amounts reported may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either the cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: L.E.A.P. does not use the 10% de minimis rule.
Federal award expenditures are reported on the statements of functional expenses under program services and, for any related allowable general and administrative expenses, under management and general. For certain programs, the expenses reported in the financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America.