Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the ten percent de minimis indirect cost rate as allowed by the Uniform Guidance, but rather the rates established directly with the respective federal agency.
Expenditures reported on the schedule are reported on the cash basis of accounting and accordingly, represent the total cash expended for the program. The schedules does not include transactions that might be included using the accrual basis of accounting as contemplated by generally accepted accounting principles. 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. Therefore, some amounts presented accompanying in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements of the federal program.