Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the St. Benedict Education Center under programs of the federal government for the year ended June 30, 2021. 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 the Schedule presents only a selected portion of the operations of the St. Benedict Education Center, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the St. Benedict Education Center.The Schedule of Expenditures of Federal Awards is based upon information provided by the various funding sources to the St. Benedict Education Center. The St. Benedict Education Center receives federal awards as a sub-recipient from various state, local and other funding agencies.The expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles of Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.The St. Benedict Education Center has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.