Notes to SEFA
Title: Method of Accounting and Summary of Significant Accounting Policies
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and also
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CPR") Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Because the schedule of expenditures of federal awards presents only a selected portion of the operations
of the Board, it is not intended to, and does not, present the financial position, changes in net assets, or
cash flows of the Board.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use a de minimis indirect cost rate as allowed under the Uniform Guidance
The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance and also
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations ("CPR") Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Because the schedule of expenditures of federal awards presents only a selected portion of the operations
of the Board, it is not intended to, and does not, present the financial position, changes in net assets, or
cash flows of the Board.