Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented based on the modified accrual basis of accounting. Underthemodified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they becomebothmeasurable and available). Measurable means the amount of the transaction can be determined and availablemeanscollectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Aoneyearavailability period is used for revenue recognition for all governmental fund revenues. Expenditures are recorded whentherelated liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.