Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting,which is the method of accounting used for the financial statements. Such expenditures are recognizedfollowing, as applicable, either the cost principles of Office of Management and Budget Circular A-122, Cost Principles for Non-Profit REOs, or the cost principles contained in Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal awards (Uniform Guidance), wherein certain types of expenditures are notallowable or are limited as to reimbursement. Negative amounts shown on the Schedule representadjustments or credits made in the normal course of business to amounts reported as expenditures inprior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.