Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. NERACOOS negotiates the indirect cost rate with its cognizant federal agency the Department of Commerce, National Oceanic and Atmospheric Administration.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.