Notes to SEFA
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting for proprietary funds
and the modified accrual basis of accounting for governmental funds. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent
adjustments or credits made in the normal course of business to amounts reported as expenditures in prior
years.
De Minimis Rate Used: N
Rate Explanation: Lake Cumberland Area Development District did not elect to use the 10 percent de minimis indirect cost rate
as allowed under the uniform guidance.