Notes to SEFA
Accounting Policies: NOTE A -ACCOUNTING BASISBASIC FINANCIAL STATEMENTSThe accounting policies of the District conform to accounting principles generally accepted in the United States of America as applicable to state and local governments.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period.For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period.Ledge Light Health District has not elected to use the 10% de Minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.