Notes to SEFA
Accounting Policies: EXPENDITURES ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED UNDER THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200, UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. THE CORPORATION HAS ELECTED NOT TO USE THE 10% DE MINIMUS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.