Notes to SEFA
The schedule of expenditures of federal awards is presented using the accrual basis of accounting. The preparation of this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. The principal estimates and assumptions used in the preparation of the accompanying schedule relate to cost allowability and allocability (see Note C). Actual results could differ from those estimates.
The allowability of certain costs under government contracts and grants is subject to audit by the contracting agency. Certain indirect costs charged to grants are subject to revisions based on government audits of those costs. Management believes that grant costs are consistent with applicable government cost principles, and costs subsequently disallowed, if any, upon audit by the government would not be material.