Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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: The auditee did not use the de minimis cost rate. The Board uses the simplified method to allocate costs as either direct or indirect to allocable individual federal awards and has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.