What is reported on Sefa?
SEFA captures the federal funds expended by an agency. The expenditures for each of the federal financial assistance programs are presented in SEFA on the accounting basis as presented on the fund financial statements. For agencies with governmental funds, expenditures are presented on the modified accrual basis.
What should be included on Sefa?
At a minimum, the SEFA should include:
- The name of the Federal grantor agency or organization;
- The official program title of the Federal award;
- The applicable CFDA (Catalog of Federal Domestic Assistance) number for each award;
What is the purpose of the Sefa?
The SEFA, which is prepared by the auditee and considered supplementary information to the financial statements, is a key part of the reporting package required by the Uniform Guidance. The SEFA also serves as the primary basis that auditors use to determine which programs will be audited as part of the single audit.
What is an Sefa?
The SEFA is a supplemental schedule to the financial statements that an organization is required to produce when it is subject to the single audit requirement. The single audit requirement is triggered when the federal expenditures reported on the SEFA exceed $750,000 or more over the organization’s fiscal year.
Who prepares the Sefa?
The auditee (BOE/MCVC) is responsible for the preparation of the Schedule of Expenditures of Federal Awards (SEFA). The minimum requirements for the schedule for School Boards and MCVC’s are: The period covered by the schedule must be the same as that covered by the financial statements.
Is Sefa accrual or cash?
Cash basis: The expenditure is reported in the 2019 SEFA, because cash-basis entities report expenditures when paid.
Is Sefa a cash basis?
Cash basis: The expenditure is reported in the 2019 SEFA, because cash-basis entities report expenditures when paid. Direct costs of expenditure transactions associated with grants, cost-reimbursement contracts, cooperative agreements, and direct appropriations.
What is a federal single audit?
Single Audit, previously known as the OMB Circular A-133 audit, is an organization-wide financial statement and federal awards’ audit of a non-federal entity that expends $750,000 or more in federal funds in one year.
What’s a CFDA number?
A CFDA number is a five-digit number assigned in the awarding document to most grants and cooperative agreements funded by the Federal government. It even applies to funds the Federal government awards to another entity and then that entity issues a sub-agreement to Purdue.
What is Sefa audit?
The Schedule of Expenditure of Federal Awards (SEFA) is a report contained in the State’s annual single audit report in accordance with Office of Management and Budget Circular A-133 and the Uniform Guidance (2 CFR Chapter I, Chapter II, Part 200, Subpart F.)
What is schedule of expenditure?
Simply put, the SEFA is a supplemental schedule to an organization’s financial statements recapping expenditures of federal awards during the organization’s fiscal year by federal agency and program.
What does Sefa stand for in federal regulations?
Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), provides the basis for determining when federal awards are expended for the purpose of including those expenditures on the Schedule of Expenditures of Federal Awards (SEFA).
How are program expenditures reported on the SEFA?
For most programs, the use or expenditure of program income is reported on the SEFA in the period the expenditure occurs in accordance with the basis of accounting. However, some federal agencies differ on the treatment of program income on the SEFA.
What is the role of the auditor in the SEFA?
It is the auditor’s responsibility to determine and provide an opinion on whether the SEFA is presented fairly in all material respects in relation to the non-Federal entity’s financial statements taken as a whole. The SEFA is also the basis for the determination of major programs which are required to be audited as part of the single audit.
Can a SEFA be recognized on a revenue statement?
The recognition on the SEFA may not always align with revenue recognition on the financial statements in accordance with U.S. generally accepted accounting principles. The American Institute of CPAs Governmental Audit Quality Center has created a nonauthoritative tool for SEFA recognition.
