Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is a summary of the activity of the Boards federal awardprogram and does present transactions that would be included in financial statements of the Board presented on theaccrual basis of accounting as contemplated by generally accepted accounting principles. Such expenditures arerecognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types ofexpenditures are not allowed or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.