Notes to SEFA
Accounting Policies: The financial statements of the SEFA of the North Hudson Council of Mayors have been prepared on the accrual basis and in accordance with generally accepted accounting principles in the United States of America (GAAP), except for the effect of not adopting ASC 842 as described in the Auditors Report, which effects have been deemed immaterial to the financial statements. Revenues are recognized in the accounting period when they become susceptible to accrual. Expenditures are recognized in the accounting period in which the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.