Notes to SEFA
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 Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Independent Housing Opportunities, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guifsnvr.