Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the School under programs of the federal government for the fiscal year ended June 30, 2023. Expenditures reported on the SEFA are reported on the same basis of accounting as the financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of Uniform Guidance. In addition, expenditures reported on the SEFA are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the SEFA may differ from amounts presented in, or used in the preparation of, the financial statements. Because the SEFA presents only a selected portion of the operations of the School, it is not intended to, and does not, present the net assets, statement of activities, or cash flows of the School. All federal financial assistance received directly from federal agencies as well as federal financial assistance passed through other government agencies is included on the SEFA.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the De Minimis Cost Rate