Notes to SEFA
Accounting Policies: NOTE A:BASIS OF PRESENTATIONThis Schedule is prepared on the same basis of accounting as the organizations financial statements. The organization uses the accrual basis of accounting. Expenditures represent only the federally funded portions of the program. District records should be consulted to determine amounts expended or matched from non-federal sources.NOTE B:RISK-BASED AUDIT APPROACHThe dollar threshold used to distinguish between Type A and Type B programs is $750,000. The Corporation qualifies as a low-risk auditee.NOTE C:INDIRECT COST RATEThe Organization has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.NOTE D:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.