Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards (SEFA) is prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. See the reporting package for additional accounting policies used in preparing the SEFA.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.