Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of SBP, Inc. The reporting entity is defined in Note 1 to SBP, Inc.s consolidated financial statements. All federal award programs received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.