Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents total federal awards expended for each individual federal program in accordance with Uniform Guidance, Audits of States, Local Governments, and Non - Profit Organizations. Accordingly, revenues are recognized and recorded in the accounts when cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash. The schedule includes the federal grant activity of Three Rivers Education for Employment System and is presented using the cash basis of accounting under guidelines prescribed by the Illinois State Board of Education. The information in this schedule is presented in accordance with the requirements of Uniform Guidance, Audits of States, Local Governments, and Non - Profit Organizations. Accordingly, revenues are recognized and recorded in the accounts when cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.