Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, CostPrinciples for State and Local Governments, wherein certain types of expenditures are not allowableor are limited as to reimbursement. Pass-through entity identifying numbers are presented whereavailable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Kentucky Valley Educational Cooperative has elected to use an indirect cost rate of 8%.