Notes to SEFA
Title: Basis of Presentation
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 cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Project has not elected to use the 10% de Minimis indirect cost rate as allowed under the Uniform Guidance since the Project is a single purpose entity that only incurs costs based on the reasonable and necessary costs for one single project. Federal loan programs with continuing program compliance requirements are presented on the Schedule with the beginning of the year loan balance. The ending balance is $2,884,920.
De Minimis Rate Used: N
Rate Explanation: The project has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance since the Project is a single purpose entity that only incurs costs based on the reasonable and necessary costs for one project.
Copy Note A From SEFA