Notes to SEFA
Accounting Policies: The Project uses the accrual basis of accounting to report federal awards expended. For financial statement presentation, grant revenues used to acquire fixed assets are deferred and recognized over the estimated useful lies of assets acquired. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.