Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with the accounting practices prescribed by its funding sources, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The cost of equipment purchased by subcontractors with grant funds or directly by the Organization with grants funds is charged to expense in the period of purchase. The Organization also records certain prepaid expenses and any subsequent adjustments to those expenses in the year paid, even though they may extend beyond the current year, to coincide with the grant reporting which provides funding upon payment and incurrence of a contractual obligation. Such expenditures are also recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Organization has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.