Notes to SEFA
Accounting Policies: The schedule of Federal Awards includes the federal awards activity of Rust College under the program of the federal government for the year ended June 30, 2024. The information in the sShedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Summary of Significant Accounting Policies is that the expenditures are reported on the Schedule are on the accrual basis accounting. Such expenditures are recognized following the cost principles contained in the Unifrom Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reproted as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimus cost rate