Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on an accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America and is in accordance with the provisions of the Uniform Guidance. Expenditures reported on the Schedule of Expenditures of Federal Awards include cash disbursements, whether capitalized or expensed, during the fiscal year as well as loan and grant related amounts recorded as payable at year end. Revenues reported on the Schedule of Expenditures of Federal Awards include income recognized including loan and grant receivables recorded at year end. Cash receipts that were deferred are footnoted as such.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.