Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers (MDOT Job numbers) are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Road Commission did not incur any federal expenditures. Single audit is required as a result of the balance of the outstanding community facilities loan.