Notes to SEFA
Accounting Policies: The accompanying Consolidated Schedule of Expenditures of Federal and State Awardspresents the activities in all the federal and state award programs of the Cooperative. Allawards received directly from federal and state agencies, as well as federal awardspassed through other governmental agencies are included in the schedule. The accompanying Consolidated Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting. The amounts reported in thisschedule as expenditures may differ from certain financial reports submitted to federaland state funding agencies due to those reports being submitted on either a cash ormodified accrual basis of accounting. Federal and state awards expenditures are reported in the Consolidating Schedule ofOperating Expenses by Program. In certain programs, the expenditures reported in thebasic financial statements may differ from the expenditures reported in the ConsolidatedSchedule of Expenditures of Federal and State Awards due to program expendituresexceeding grant or contract budget limitations which are not included as federal and stateawards.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.