Notes to SEFA
Accounting Policies: Expenditures included in the SEFA are presented on a regulatory basis of accounting which is prescribed by the Oklahoma State Department of Education. (Accordingly, governmental fund expenditures are reported in accordance with the modified cash basis.) Such expenditures are recognized following the cost principles contained in 2 CFR 200 Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.