Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or limited as to reimbursement. Negative amounts
shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: GMSC has elected to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance for certain grants that allow the use of the 10% de minimis indirect cost rate.