Notes to SEFA
Title: ACCOUNTING POLICIES
Accounting Policies: THE SEFA IS PREPARED ON ACCRUAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: THE AGENCY DID NOT USE THE 10% DE MINIMIS INDIRECT COST RATE
VARIOUS REIMBURSEMENT PROCEDURES ARE USED FOR FEDERAL AWARDS RECEIVED BY AGENCY. TIMING DIFFERENCES MAY OCCUR BETWEEN EXPENDITURES AND REIMBURSEMENTS DURING A YEAR. ACCRUED REVENUES AT YEAR END REPRESENT AN EXCESS OF EXPENDITURES OVER CASH REIMBURSEMENTS RECEIVED. DEFERRED REVENUES AT YEAR END REPRESENT AN EXCESS OF CASH RECEIVED OVER ELIGIBLE PROGRAM EXPENDITURES. GENERALLY ACCRUED AND DEFERRED AMOUNTS CAUSED BY TIMING DIFFERENCES WILL BE REVERSED IN THE SUBSEQUENT YEAR