Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the accrualbasis of accounting in accordance with accounting principles generally accepted in the UnitedStates of America. The Schedule includes the federal grant activity of UFC and is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ fromamounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.