Notes to SEFA
Title: 1 Basis of Presentation
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.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimis direct cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of NorthBay Education, Inc. and Subsidiary under programs of the federal government for the year ended August 31, 2023. The information in this 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 NorthBay Education, Inc. and Subsidiary, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of NorthBay Education, Inc. and Subsidiary.
Title: 2 Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimis direct cost rate.
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.
Title: 3 Indirect Cost Rate
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.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimis direct cost rate.
NorthBay Education, Inc. and Subsidiary have not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.