Notes to SEFA
Accounting Policies: Program 14.155 represents the outstanding mortgage note balance as of the beginning of the year. There were $55,564 of principal payments made during the year ended May 31, 2023 resulting in a balance of $1,874,783 at May 31, 2023. The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.