Notes to SEFA
Accounting Policies: In accordance with U.S. generally accepted accounting principles, the Organization accounts for all awards under federal programs on the accrual basis of accounting. Accordingly, expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the federal Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Federal program funds are considered earned to the extent of qualifying activities and expenditures made under the provisions of the award. When such funds are advanced to the Organization, they are recorded as deferred revenues until earned. Otherwise, federal program funds are received on a reimbursement basis from the federal program pass-through-entity.