Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards includes only the current year of federal grant activity of the Association and is presented on the accrual basis of accounting. This information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Amounts presented in this schedule as expenditures may differ from amounts presented in, or used in the preparation of, the financial statements, although such differences are not material.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.