Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Matching costs (the Organizations share of certain program costs) are not included in the reported expenditures. Pass-through numbers are presented where available. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Organizations financial reporting system. Non-monetary assistance is reported in the schedule at fair market value of commodities received, which is provided by New York State. No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the Organizations insurance policies. There were no loans or loan guarantees outstanding at year end.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the 10% de minimis cost rate.