Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. IMCI used an approved cost rate of 21.50% for the year ended June 30, 2024.