Notes to SEFA
Title: Notes to Schedule of Expenditures of Federal Awards
Accounting Policies: The accompanying SEFA Schedule has been presented on the accrual basis of accounting. Expenditures are recorded, accordingly, when incurred rather than when paid. Expenditures reported on the SEFA Schedule are reported under the full accrual basis of accounting, which is described in Note 1 of the notes to the Agency’s financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
See page 71 of the FY 2024 Single Audit Report Package (or page 7 of the Single Audit Report)