Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activity of Valley Charities, Inc., and is presented on the accrual basis of accounting adjusted to include purchases of fixed assets which have been capitalized under generally accepted accounting principles. The information in the schedule is presented in accordance with the requirements of Uniform Guidance under CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The organization did elect to use the 10% deminimis indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.