Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Did not elect to use 10% De minimus
The accompanying SEFA includes federal and state grant activity and is presented on the accrual basis of accounting. The information is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Did not elect to use 10% De minimus
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recogized following the cost principles contained in the UG, wherein certain types of expenditures are not allowable or are limited to reimbursement. The School has elected not to use the 10-percent de minimus idirect cost rate