Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting in accordance with generally accepted accounting principles as further described in Note 2 of the basic financial statements. Federal revenues are considered to be earned to the extent of expenditures made under the provisions of the grant, and accordingly, when such funds are received they are recorded as deferred revenue until earned.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.