Notes to SEFA
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement. The Schools expenditures for capital assets are reported entirely in the year ofpurchase.
De Minimis Rate Used: Both
Rate Explanation: The School has elected not to use the ten percent de minimis cost rate allowed under 2 CFR ?200.414. For the SpecialEducation Grants to States, the Elementary and Secondary School Emergency Relief Fund, and the consolidated grantsunder the Elementary and Secondary Education Act, the School has elected to use all or a portion of a 12 percentnegotiated indirect cost rate allowed under the Uniform Guidance. For the remaining federal programs, the School didnot use an indirect cost rate.
The School did not pass any funds on to subrecipients during the year ended June 30, 2022.