Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of presentation is on accrual basis of accounting. Federal awards are on a cost reimbursement basis. Auditee did not elect to use the 10% de minimis indirect cost rate for the year. Auditee did not provided federal funds to any subrecipient during the year.
De Minimis Rate Used: N
Rate Explanation: Auditee was on a cost reimbursement basis.
Basis of Presentation on accrual basis. Accrued reimbursement of federal award is on a cost basis. Auditee did not use the 10% de minimis federal indirect cost rate. Auditee did not provide federal funds to subreceipients.