Notes to SEFA
Title: Summary of significant accounting policies
Accounting Policies: 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. Negative amounts, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Agency has elected not to use the 10-percent de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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. Negative amounts, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Agency has elected not to use the 10-percent de minimis cost rate.
Title: Oversight Agency
Accounting Policies: 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. Negative amounts, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Agency has elected not to use the 10-percent de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The U.S. Department of Education is the current year's oversight agency of the single audit as determined by the agency providing the largest share of the Agency's federal financial assistance.