Notes to SEFA
Accounting Policies: SEFA Expenditures are recorded on the modified accrual basis of accounting, which records expenses when the goods or services are paid, plus accounts payable. Expenditures for these programs differ from the City's regulatory basis financial statements inasmuch as the City records expenditures when an encumbrance or contract is signed in accordance with the regulatory basis of accounting, whereas expenditures on the financial reports are recorded when the goods or services are received.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis indirect cost rate.