Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards (the "Schedule") includes the grant activity of Wu Yee.
The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial
statements. The Schedule is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Wu Yee has elected to not use the 10% de minimis indirect cost rate for federal awards. Wu Yee applies indirect costs in accordance with the specific terms of its federal award agreements.