Notes to SEFA
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Beulah Hubbard Water Association, Inc. has elected not to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance.