Notes to SEFA
Title: NOTE 7 INDIRECT COST RATE
Accounting Policies: The Schedules are prepared and presented using the regulatory basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (U.S. Uniform Guidance).
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Borough has elected to use the 10 percent de minimis indirect cost rate allowed under the U.S. Uniform Guidance