Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and also presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule of expenditures of federal awards presents only a selected portion of the operations of the Organization, it is not intended to, and does not present, the financial position, changes in net assets, or cash flows of the Organization.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use a de minimus indirect cost rate as allowed under the Uniform Guidance.