Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (SEFA) includes the federal grantactivity of ASSE International, Inc. (the Company) under programs of the federal governmentfor the year ended August 31, 2022. The information in the SEFA is presented in accordance withthe standards applicable to financial audits contained in Government Auditing Standards issued bythe Comptroller General of the United States of America, and the audit requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSEFA presents only a selected portion of the operations of the Company, it is not intended to anddoes not present the financial position, changes in net assets or cash flows of the Company. Federalawards received directly from federal agencies as well as federal awards passed through state andlocal agencies are included in the SEFA.NOTE 2 BASIS OF ACCOUNTINGThe SEFA is presented using the accrual basis of accounting which is described in the notes to theCompanys consolidated financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance (or OMB Circular A-122, Cost Principles forNon-Profit Organizations, as applicable), where certain types of expenditures are not allowable orare limited as to reimbursement.NOTE 3 RELATIONSHIP TO FEDERAL AWARDS REPORTSAmounts reported in the SEFA agree with the amounts reported in the related federal financialreports for all major federal programs.NOTE 4 INDIRECT COSTSThe SEFA includes both direct and indirect costs expended for all grant programs. The indirectcosts expended under federal awards are based on actual indirect costs incurred prorated over thetotal actual number of students participating in all Company programs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.