Notes to SEFA
Accounting Policies: Grants are recognized as revenues when earned by meeting grant requirements. Grant fundsreceived for use in subsequent years are recorded as deferred revenues. Contributions received,including unconditional promises to give from a donor, are recognized as revenues in the periodreceived at their fair values. Conditional promises to give are recognized when they becomeunconditional, that is, when the conditions are substantially met. Other revenues are recognizedin the year services are provided.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.