Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniformed Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to the amounts asexpenditures in prior years. The College has elected to use the 10-percent de minimis indirect cost rateallowed under the Uniformed Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.