Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowed or are limited as to reimbursement.Faith Evangelical Lutheran Seminary dba Faith International University has elected not to use the 10% deminimis cost rate as allowed under Uniform Guidance.Amounts reported in the Schedule agree in all material respects with the amounts reported in the related federalfinancial reports.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.