Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the UniformGuidance; wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ fromamounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate. Lighthouse has elected to not use the 10% de minimis indirect cost rate. Lighthouse applies indirect costs in accordance with specific terms of its award agreements.