Notes to SEFA
Accounting Policies: Note B – Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cos principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project is governed by the rules and regulations of the U.S. Department of Housing and Urban Development (HUD). The use of the10-percent de minimis indirect cost rate allowed under the Uniform Guidance does not apply.
De Minimis Rate Used: N
Rate Explanation: The use of the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance does not apply.