Notes to SEFA
Title: NOTE 1 SIGNIFICANT ACCOUNTING POLICIES:
Accounting Policies: SEE NOTE 1 ATTACHED
De Minimis Rate Used: N
Rate Explanation: SEE NOTE 2 ATTACHED
The accompanying Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting.
Title: NOTE 2 INDIRECT COSTS:
Accounting Policies: SEE NOTE 1 ATTACHED
De Minimis Rate Used: N
Rate Explanation: SEE NOTE 2 ATTACHED
The Company did not charge any indirect costs to any of the federal grants and programs during this fiscal year. Consequently, the Company did not use the 10% de-minimis cost rate.