Notes to SEFA
Accounting Policies: The SGVCOG utilizes the full accrual method of accounting for the grants received. Full accrual accounting recognizes revenues when earned and recognizes expenditures when liabilities are incurred. The accompanying Schedule of Expenditures of Federal Awards (Schedule) has been prepared on the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.