Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Magnolia Rural Water Association, Inc. has not elected to use the 10 percent de-minimis indirect cost rate allowed under the Uniform Guidance.