Notes to SEFA
Accounting Policies: a. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.b. VEEB has not elected to use the 10 percent de minimis indirect cost rate as allowed under the UniformGuidance.c. Pass-through entity identifying numbers are presented where available.d. Matching costs (i.e., VEEB's share of certain program costs) are not included in the reported expenditures.e. The amounts reported as federal expenditures were obtained from the federal financial reports for theapplicable program and periods. The amounts reported in these reports are prepared from recordsmaintained tor each program, which are reconciled with VEEB's financial reporting system.f. Federal grants received by VEEB are subject to audit and adjustment. If any expenditures are disallowedby the grantor agencies as a result of such an audit, the grantor agencies could make claims torreimbursement, which would become a liability of VEEB.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.