Notes to SEFA
Title: Note 1
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: Y
Rate Explanation: The Organization has elected to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance
The accompanying schedule of expenditures of federal awards includes the federal award activity of New Vision Learning Academy,
Inc. 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 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 New Vision Learning Academy, Inc., it is not intended to and does not present the
financial position, changes in net assets, or cash flows of New Vision Learning Academy, Inc
Title: Note 2
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: Y
Rate Explanation: The Organization has elected to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance
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: Note 3
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: Y
Rate Explanation: The Organization has elected to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance
The Organization has elected to use the 10% de minimus indirect cost rate as allowed under Uniform Guidance