Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures are reported on the Schedule on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are notallowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Systems Unlimited, Inc. has not elected to use the 10 percent de minimis costrate as allowed by the Uniform Guidance.
The schedule of expenditures of federal awards includes the federal award activity of Systems Unlimited, Inc., under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Systems Unlimited, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Systems Unlimited,Inc.