Notes to SEFA
Title: DESCRIBE THE SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: REGULATORY BASIS OF ACCOUNTING PRESCRIBED BY STATE OF ARKANSAS
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE REGULATORY 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.