Notes to SEFA
Accounting Policies: Summary of Significant Accounting Policies – Expenditures reported in the Schedule are reported on the accrual or modified 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.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - Williamsburg Community School District has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.