Notes to SEFA
Accounting Policies: The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (GAAP). Significant accounting policies are described below: Basis of Presentation the Center prepares its financial statements in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Accounting for Contributions Received and Made and Financial Statements of Not-for-Profit Organizations. FASB ASC Financial Statements of Not-for-Profit Organization establishes standards for external financial reporting by not-for-profit organizations and requires that resources be classified for accounting and reporting purposes into three net asset categories according to externally (donor) imposed restrictions: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.