Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal, State, and City Awards is presented using the accrual basis of accounting, and includes all awards received directly from federal agencies or pass through other governmental agencies or nonprofit organizations. Expenditures reported on the accompanying Schedule of Expenditures of Federal and State Awards are reported using the accrual basis of accounting, which is described in Note 1 to the Organizations combined financial statements. Such expenditures are recognized following the cost principles contained in Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.