Notes to SEFA
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING USING GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. ALL RECOGNIZED ASSETS AND LIABILITIES ARE MEASURED AND REPORTED AT COST, UNLESS THEY HAVE BEEN PERMANENTLY IMPAIRED AND HAVE NO FUTURE CASH VALUE OR REPRESENT NO FUTURE OBLIGATIONS AGAINST CASH. EXPENDITURES AS REPORTED ON THE SCHEDULE ARE RECOGNIZED UNDER THE BASIS DESCRIBED ABOVE AND FOLLOW THE COST PRINCIPLES CONTAINED IN OMB CIRCULAR REGARDING COST PRINCIPLES WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS SHOWN ON THE SCHEDULE REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. PASS-THROUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.