Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grantactivity of Lexington Four-Ninety, Inc. and is presented on the accrual basis of accounting.The information in this schedule is presented in accordance with the requirements of OMBUniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.Because the schedule presents only a selected portion of the operations of Lexington Four-Ninety, Inc., it is not intended to and does not present financial position, changes in netassets, cash flows of Lexington Four-Ninety, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.