Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the federal grant activity of Municipality of Canóvanas and is presented on the modified accrual basis of accounting. The basis of accounting is the same used to prepare the fund financial statements. The information of this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparations of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Municipality of Canovanas has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.