Notes to SEFA
Accounting Policies: The financial statements and the SEFA of the North Hudson Council of Mayors have been prepared on the accrual basis and in accordance with generally accepted accounting principles in the United States of America (GAAP). Revenues are recognized in the accounting period when they become susceptible to accrual. Expenditures are recognized in the accounting period in which the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.