Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting for expenditures. The cost principles contained in Subpart E -Cost Principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Initiatives summary of significant accounting policies is presented in Note 1 of the Initiatives basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.