Notes to SEFA
Title: NOTE B- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. THE SCHOOL HAS NOT ELECTED TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL GRANT ACTIVITY OF FORGE INTERNATIONAL, LLC, AND IS PRESENTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. 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 REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECAUSE THIS SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE FORGE INTERNATIONAL, LLC, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, OR CHANGES IN NET ASSETS OF FORGE INTERNATIONAL, LLC.