Notes to SEFA
Title: Note A Basis of Presentation
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Elected to not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Organization under programs of the federal government at year-end. The information in the 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 Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Note B Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Elected to not use the de minimis cost rate
Expenditures reported in the Schedule are reported on the accrual basis of accounting. 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 organization has not elected to use the 10% de minimis indirect cost rate.