Notes to SEFA
Accounting Policies: Basis of PresentationThe Schedule of Expenditures of Federal Awards (SEFA) has been prepared on the accrual basisof accounting in accordance with accounting principles generally accepted in the United Statesof America. The SEFA includes the federal grant activity of UMARC and is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in the SEFA may differ fromamounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.