Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activityof New Centurions, Inc. under programs of the federal government for the year ended September 30, 2022.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 RequirementsFederal Awards (Uniform Guidance). Becasuse the Schedule presents only a selected portion of the operationsof New Centurions, Inc., it is not intended to and does not present the financial position, changes in net assetsor cash flows of New Centurions, Inc.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.