Notes to SEFA
Accounting Policies: The accompanying schedule presents the expenditures incurred (and related awards received) by the Project that arereimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposesof this schedule, only the portion of program expenditures reimbursable with such federal or state funds are reported inthe accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorizedor the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from theaccompanying schedule.The expenditures included in the accompanying schedule were reported on a accrual basis of accounting. Expendituresare recognized in the accounting period in which the related liability is incurred. Expenditures reported included anyproperty or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial position or results of operations of the project.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.