Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grantactivity of Bright Nutrition and is presented on the accrual basis of accounting. The informationin this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and auditrequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Bright Nutrition, it is not intended to and does not present thefinancial position, changes in net assets, or cash flows of Bright NutritionExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the 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.