Notes to SEFA
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of the
Corazon Square (Project) under programs of the federal government for the year ended March 31, 2023. 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 of Federal
Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project,
it is not intended to and does not present the financial position, changes in net position, or cash flows of the Project.
NOTE 2 – SUMMARY OF SIGNIFICANT 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 the Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use the 10-percent de minimis
indirect cost rate as allowed under the Uniform Guidance.