Accounting Policies: Expenditures of federal awards are recognized as incurred using the cost accounting principles contained in the U.S. Office of Management and Budget (OMB) Circular A-122, Cost Principles for Nonprofit Organizations. Under these cost principles, certain types of expenses 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.