Notes to SEFA
Title: Method of Accounting and Summary of Significant Accounting Policies
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance
and also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards. Because the schedule of expenditures of federal awards presents only a selected
portion of the operations of USMEF, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of USMEF.
De Minimis Rate Used: N
Rate Explanation: USMEF has elected not to use a de minimis indirect cost rate as allowed under the Uniform
Guidance.
The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance
and also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
("CFR") Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards. Because the schedule of expenditures of federal awards presents only a selected
portion of the operations of USMEF, it is not intended to, and does not, present the financial position,
changes in net assets, or cash flows of USMEF.