Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the System under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the System, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the System. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting whereby expenditures are recorded
when the related liability is incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. The System has elected to use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: Y
Rate Explanation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the System under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the System, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the System. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting whereby expenditures are recorded
when the related liability is incurred. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. The System has elected to use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance