Notes to SEFA
Accounting Policies: 1. Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (SEFA) includes all federal grantactivity of Morrison and is presented using the accrual basis of accounting in accordance withaccounting principles generally accepted in the Unites States of America. The information in theSEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Therefore, some amounts presented in the SEFA may differfrom amounts presented in, or used in the preparation of, the consolidated financial statements.Because the schedule presents only a selected portion of the operations of Morrison, it is notintended to, and does not, present the financial position, changes in net assets, or cash flows ofMorrison.Pass-through identifying numbers are presented when available.2. ExpendituresExpenditures reported on the SEFA are recognized following cost principles in 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.