Notes to SEFA
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 of Fresno COGs financial statements. Expenditures reported on the SEFA 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 are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.