Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal contract activity of the Organization and is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the Organization's operating activity, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. Expenditures are reported on the accrual basis of accounting, which is the same basis of accounting used in the preparation of the financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance. The information in this schedule agrees with the amounts presented in the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.