Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes thefederal and state grant activity of the University and is presented using the accrual basis of accounting.The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in the preparation of, the financial statements. Expenditures for federal student financial aid programs are recognized as incurred and include thefederal share of students FSEOG program grants and FWS program earnings, certain other federalfinancial aid for students, and administrative cost allowances, where applicable. Federal Pell Grant andTeacher Education Assistance for College and Higher Education Grant awards are recognized as agencytransactions and are not recorded as expenditures in the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.