Notes to SEFA
Accounting Policies: The significant accounting policies for the schedule of expenditures of federal awards are as follows: 1)Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 2)Mohave Accelerated Elementary School, Inc. has not elected to use the 10 percent de minim is indirect cost rate as allowed under the Uniform Guidance in 2 CFR ?200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.