Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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. RELATIONSHIP TO FINANCIAL STATEMENTS
The schedule of expenditures of federal awards presents only a selected portion of the activities of the School. It is not intended to, nor does it, present either the balance sheet, revenue, expenditures, or changes in fund balances of governmental funds. The financial activity for the aforementioned awards is reported in the School’s statement of activities and statement of revenue, expenditures, and changes in fund balance – governmental funds.
De Minimis Rate Used: N
Rate Explanation: Eugenio Maria de Hostos Charter School has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.