Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The schedule of expenditures of federal awards and state financial assistance (theSchedule) includes the federal and state award activity of the School under programs ofthe federal and state governments for the year ended June 30, 2022. The information inthis schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations (CFR) Part 200, Uniform Administrative Requirements, CostPrinciples and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the School, it is not intendedto and does not present the financial position, changes in net assets or cash flows of theSchool. Expenditures reported in the Schedule are on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Title 2 U.S Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards, wherein certain types of expenditures arenot allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School had no amounts which were passed-through to subrecipients.