Notes to SEFA
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 Uniformed Guidance, 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 the amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniformed Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniformed Guidance, 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 the amounts reported as expenditures in prior years.
Title: NOTE 2 - INDIRECT COST RATE
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 Uniformed Guidance, 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 the amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniformed Guidance.
The University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniformed Guidance