Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement.Matching costs (the Villages share of certain program costs) are not included in the reported expenditures.Pass-through numbers are presented where available.The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the Villages financial reporting system.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.