Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the schedule of expenditures of federal awards 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 elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of National Center for Teacher Residencies, Inc. (Organization) for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of the 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: NONMONETARY ASSISTANCE
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the schedule of expenditures of federal awards 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 elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The Organization neither received nor disbursed federal awards in the form of nonmonetary assistance for the year ended June 30, 2023
Title: INSURANCE AND LOANS OR LOAN GUARANTEES
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the schedule of expenditures of federal awards 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 elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
During the year ended June 30, 2023, the Organization received no loans, loan guarantees or other federal assistance for the purpose of administering federal programs.