Notes to SEFA
Accounting Policies: NOTE B Summary of Significant Accounting PoliciesThe accompanying Schedule has been prepared on the accrual basis of accounting. Under the accrual basis, revenue is recorded when realized and expenses are recorded when incurred, without regard to the time cash is received or paid. The focus of the accrual basis of accounting is on the realization of revenue, the incurrence of costs, and the matching of revenue realized with costs incurred. 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. The Organization has elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.