Notes to SEFA
Title: Identification of 40% Rule (20% for Low Risk Auditees)
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the samebasis of accounting, the accrual basis in accordance with generally accepted accountingprinciples, as EUMA's financial statements. The amounts shown as current yearexpenditures represent only the federal grant portion of the program costs. Entireprogram costs may be more than shown for a particular grant. Such expenditures arerecognized following, as applicable, either the cost principles in OMB Circular A-87 or the costprinciples contained in Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
See the Notes to SEFA for table