Notes to SEFA
Accounting Policies: Expenditures reported in the Schedule are reported on the modified 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. Iowa Association of Area Education Agencies had no grants passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.