Notes to SEFA
Title: Change in regulatory guidance
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The organization has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
As noted in Note 8 - COVID-19 and American Rescue Plan Act grants in the financial statements, the SEFA contains $10 million dollars of grant reimbursements for expenditures incurred in prior periods. Due to changes in regulatory guidance, these expenditures are recognized in the current period.