Notes to SEFA
Accounting Policies: Expenditures reported in 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. Negative amounts, if any, 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.
De Minimis Rate Used: N
Rate Explanation: Highfields, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.