Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. ACES has an indirect cost rate approved by the State of Connecticut Department of Education as follows: ? Restricted rate 16.03% ? Unrestricted rate 13.04%
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.