Notes to SEFA
Accounting Policies: Federal Awards are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when measurable and available. Measurable means the amount of the transaction can be determined and available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related fund liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.