Notes to SEFA
Title: Note 3 Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activityof Breckinridge-Grayson, Inc. under programs of the federal government for the year ended May31, 2022. The information in this schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of Breckinridge-Grayson, Inc., it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of Breckinridge-Grayson, Inc.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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 are 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.