Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The policies are on accrual basis
De Minimis Rate Used: N
Rate Explanation: The auditee used a negotiated rate.
The accompanying schedule of expenditures of federal awards includes federal grant award programs SCACAP and is presented on accrual basis in conformity with the Uniform Guide.
Title: Contingencies
Accounting Policies: The policies are on accrual basis
De Minimis Rate Used: N
Rate Explanation: The auditee used a negotiated rate.
Grant monies received and disbrsed by SCACAP are subject to review by grantor agencies. Such audits may result in request for reimbursement due to disallowed expenditures.
Title: Indirect Cost
Accounting Policies: The policies are on accrual basis
De Minimis Rate Used: N
Rate Explanation: The auditee used a negotiated rate.
The auditee used a negotieated rate