Notes to SEFA
Accounting Policies: NOTE 2 BASIS OF ACCOUNTING The accompanying schedule of expenditures of federal awards (Schedule) includes the activity of MOW and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the OMB Compliance Supplement. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NOTE 4 INDIRECT COST Expenditures included in the Schedule represent both direct and indirect costs. Instead of using the 10%de minimus indirect cost rate allowed under the Uniform Guidance, MOWs indirect costs are based on an indirect cost allocation plan that has been agreed upon and approved by the applicable grantor.