Notes to SEFA
Accounting Policies: NOTE 1 GENERALThe accompanying schedule of expenditures of federal awards presents the activity of all federal awards of Kingman Academy of Learning, Inc.. The School's reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2022. All federal awards received directly from federal agencies are included in the schedule.NOTE 2 BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, which is described in Note 1 to the Schools financial statements for the year ended June 30, 2022.NOTE 3 INDIRECT COST RATEThe School did not elect the 10 percent de minimus indirect cost rate as covered in 2CFR 200.414.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.