Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal contract activity of IBHS and is presented on the accrual basis of accounting, which is the same basis of accounting used in the preparation of the financial statement. The information in this schedule is presented in accordance with the requirements of Uniform Guidance and agrees with the amounts presented in the financial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.