Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE OBTAINED APPROVAL OF INDIRECT COST RATE USED
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS WAS PREPARED IN ACCORDANCE WITH TITLE 2 U.S CODE OF FEDERAL REGULATIONS CFR PART 200, UNIFORM GUIDE.
Title: BASIS OF ACCOUNTING
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE OBTAINED APPROVAL OF INDIRECT COST RATE USED
THE SEFA WAS PREPARED ON MODIFIED ACCRUAL BASIS
Title: FACILITIES AND ADMINISTRATIVE COSTS
Accounting Policies: ACCRUAL
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE OBTAINED APPROVAL OF INDIRECT COST RATE USED
THE PROGRAM OPERATES UNDER PREDETERMINED FIXED INDIRECT COSTS RATES THAT ARE EFFECTIVE OCTOBER 1, 2022 THROUGH SEPTEMBER 30, 2023. THE BASE RATE FOR INDIRECT COST RECOVERIES IS 1.70% FOR THE YEAR ENDED MAY 31, 2023.