Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Note B - Summary of Significant Accounting PoliciesExpenditures reported on the schedule are accounted for on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, where-in certain types ofexpenditures are not allowable or are limited as to reimbursement. Due to the grant contract agreement, theOrganization can not elect to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Due to the grant contract agreement, theOrganization can not elect to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.
The accompanying schedule of expenditures of federal awards includes the federal grants activity of this Organization and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the OMB Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.