Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note A to the Agencys financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance (2 CFR 200), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.Cash received is recorded on the cash basis. Revenues are recognized when the qualifying expenditures have been included and all grant requirements have been met.For purposes of charging indirect costs to federal awards, the Council has not elected to use the 10% de minimis cost rate as permitted by Section 200.414 of the Uniform Guidance. Instead, the Council has applied its last negotiated rate of 17.4% of direct costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.