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 THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. NEGATIVE AMOUNTS SHOWN ON THE SCHEDULE REPRESENT ADJUSTMENTS OR CREDITS MADE IN THE NORMAL COURSE OF BUSINESS TO AMOUNTS REPORTED AS EXPENDITURES IN PRIOR YEARS. COMMUNITY SERVICES OF VENANGO COUNTY, INC. HAS ELECTED TO USE THE 10-PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER UNIFORM GUIDANCE. THERE WERE NO PAYMENTS TO SUBRECIPIENTS.
De Minimis Rate Used: Y
Rate Explanation: THE AUDITEE DID USE THE DE MINIMIS COST RATE.