Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PRESENTED ON THE MODIFIED ACCRUAL BASIS OFACCOUNTING. UNDER THE MODIFIED ACCRUAL BASIS OF ACCOUNTING, REVENUES ARE RECOGNIZED WHEN SUSCEPTIBLE TOACCRUAL (I.E.WHEN THEY BECOME BOTH MEASURABLE AND AVAILABLE). "MEASURABLE" MEANS THE AMOUNT OF THE TRANSACTION CAN BE DETERMINED AND "AVAILABLE" MEANS COLLECTIBLE WITHIN THE CURRENT PERIOD OR SOON ENOUGH THEREAFTERTO BE USED TO PAY LIABILITIES OF THE CURRENT PERIOD. A ONE YEAR AVAILABILITY PERIOD IS USED FOR REVENUE RECOGNITION FOR ALL GOVERNMENTAL FUND REVENUES. EXPENDITURES ARE RECORDED WHEN THE RELATED LIABILITY ISINCURRED.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
Basis of Presentation, Basis of Accounting, Indirect Cost Rate