Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal contract activity of IBHS and is presented on the accrual basis of accounting, which is the same basis of accounting used in the preparation of the financial statements. The information in this schedule is presented in accordance with the requirements of Uniform Guidance and agrees with the amounts presented in the financial statements. IBHS has elected to use the 10% de minimis indirect cost rate allowed by Uniform Guidance.