Notes to SEFA
Accounting Policies: The financial statements are prepared using the accrual basis method of accounting. Usingthis method of accounting, revenue and accounts receivable are reported when funds areconsidered earned, regardless of when cash is received. Expenses and accounts payable arereported when obligations are incurred, regardless of when cash is disbursed. See additional notes in the report
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.