Notes to SEFA
Accounting Policies: EXPENDITURES REPORTED IN THE SCHEDULE ARE REPORTED ON THE ACCRUAL OR MODIFIED ACCRUAL BASIS OF ACCOUNTING, EXCEPT FOR REVOLVING LOAN FUND TRANSACTIONS. REVOLVING LOAN FUND TRANSACTIONS ARE REORTED ON THE BASIS OF CASH RECEIPTS AND DISBURSEMENTS. 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: AUDITEE HAS ELECTED NOT TO USE THE DE MINIMUS COST RATE