Notes to SEFA
Accounting Policies: Expenditures reported on 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 Project’s summary of significant
accounting policies is presented in Note 1 in the Project’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Project does not draw for indirect administrative expenses and has not elected to use the 10% de minimis
cost rate.