Notes to SEFA
Accounting Policies: The accounting policies of Booker T. Washington Academy, Inc. conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities. The expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. The following is a summary of the more significant policies. Revenues are recognized when earned. Certain grants are recognized based on grant award since they are considered entitlement grants; other grants, which are dependent upon expenditure factors for determining eligibility, recognize grant revenue to the extent of expenditures.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.