Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of CNDC, it is not intended to, and does not present, the financial position, changes in net assets, or cash flows of CNDC.
De Minimis Rate Used: N
Rate Explanation: CNDC has elected not to use a de minimis indirect cost rate as allowed under the Uniform Guidance. CNDC utilizes a federally-approved indirect cost rate approved by its cognizant agency.