Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using theaccrual basis of accounting. Consequently, amounts are recorded as expenditures whenthe obligations are incurred. The preparation of this schedule is in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for FederalAwards. Therefore, some of the amounts presented in the schedule may differ fromamounts presented in or used in the preparation of the basic financial statements.The American Foundation for Biological Research has elected not to use the 10% deminimis cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.