Notes to SEFA
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PRESENTED ON THE MODIFIED ACCRUAL BASIS OFACCOUNTING.UNDER THE MODIFIED ACCRUAL BASIS OF ACCOUNTING, REVENUES ARE RECOGNIZED WHEN SUSCEPTIBLE TOACCRUAL (I.E.WHEN THEY BECOME BOTH MEASURABLE AND AVAILABLE). "MEASURABLE" MEANS THE AMOUNT OF THETRANSACTIONCAN BE DETERMINED AND "AVAILABLE" MEANS COLLECTIBLE WITHIN THE CURRENT PERIOD OR SOON ENOUGHTHEREAFTERTO BE USED TO PAY LIABILITIES OF THE CURRENT PERIOD. A ONEYEAR AVAILABILITY PERIOD IS USED FORREVENUERECOGNITION FOR ALL GOVERNMENTAL FUND REVENUES. EXPENDITURES ARE RECORDED WHEN THE RELATEDLIABILITY ISINCURRED.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.