Notes to SEFA
Accounting Policies: Expenditures presented on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.