Notes to SEFA
Title: NOTE 2
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized as incurred following the cost principles in the FEMA Public Assistance Publications and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Central has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. No indirect rate applied.
PROVISIONS GRANTED TO BORROWERS OF RUS
Title: NOTE 1
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized as incurred following the cost principles in the FEMA Public Assistance Publications and the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Central has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. No indirect rate applied.
BASIS OF PRESENTATON