Notes to SEFA
Accounting Policies: THE ACCOMPANYING SCHEDULES OF EXPENDITURES OF AWARDS AND FINANCIAL ASSISTANCE ARE PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING. THESE BASES OF ACCOUNTING ARE DESCRIBED IN NOTES 2(A) TO THE COMMISSION'S BASIC FINANCIAL STATEMENTS. THE INFORMATION IN THIS SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE REQUIREMENTS OF THE UNIFORM GUIDANCE, AUDITS OF STATES, LOCAL GOVERNMENTS, AND NON-PROFIT ORGANIZATIONS AND SINGLE AUIDIT POLICY FOR RECIPIENTS OF FEDERAL GRANTS, STATE GRANTS AND STATE AID.
De Minimis Rate Used: Y
Rate Explanation: THE PASSAIC VALLEY WATER COMMISSION HAS ELECTED TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.