Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of the Academy 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 the 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 operations of
the Academy, it is not intended to, and does not, present the financial position, changes in
net assets, or cash flows of the Academy.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.