Notes to SEFA
Title: A. BASIS OF PRESENTATION
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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Visit Fairfax has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance as it is prohibited from charging indirect costs to the grant.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Visit Fairfax under programs of the federal government for the year ended June 30, 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Visit Fairfax, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Visit Fairfax. No amounts were awarded to subrecipients by Visit Fairfax for the year ended June 30, 2023.
Title: B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Visit Fairfax has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance as it is prohibited from charging indirect costs to the grant.
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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: C. INDIRECT COST RATE
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 and/or OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Visit Fairfax has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance as it is prohibited from charging indirect costs to the grant.
Visit Fairfax has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance as it is prohibited from charging indirect costs to the grant.