Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SEE ATTACHED FORM
De Minimis Rate Used: N
Rate Explanation: No indirect cost rate used
BASIS OF PRESENTATION- THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES ALL SIGNIFICANT FEDERALLY FUNDED GRANT PROGRAMS OF THE AGENCY AND HAS BEEN PREPARED ON THE ACCRUAL BASIS OF ACCOUNTING.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SEE ATTACHED FORM
De Minimis Rate Used: N
Rate Explanation: No indirect cost rate used
ACCRUED AND DEFERRED REIMBURSEMENT- VARIOUS REIMBURSEMENT PROCEDURES ARE USED FOR FEDERAL AWARDS RECEIVED BY THE AGENCY. TIMING DIFFERENCES MAY OCCUR BETWEEN EXPENDITURES AND REIMBURSEMENTS DURING THE YEAR. ACCRUED REVENUES AT YEAR END REPRESENT AN EXCESS OF EXPENDITURES OVER CASH REIMBURSEMENTS RECEIVED. DEFERRED REVENUES AT YEAR END REPRESENT AN EXCESS OF CASH RECEIVED OVER ELIGIBLE PROGRAM EXPENDITURES. GENERALLY, ACCRUED AND DEFERRED AMOUNTS CAUSED BY TIMING DIFFERENCES WILL BE REVERSED IN THE SUBSEQUENT YEAR.