Notes to SEFA
Accounting Policies: Expenditures are recognized on the modified accrual basis, which is based on when costs become a demand oncurrent available financial resources. Such expenditures are recognized following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.