Notes to SEFA
Title: NOTE 3: PAYMENTS TO STUDENTS
Accounting Policies: NOTE 1: BASIS OF ACCOUNTING The Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presentedon the accrual basis of accounting. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule maydiffer from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE 2: STUDENT FINANCIAL AID EXPENDITURESThe School recognizes expenditures for federal student financial aid programs as they are incurred. Student financialaid program expenditures include payments to students, and each program's administrative cost allowance, andexcludes amounts representing cost sharing or matching. The administrative allowances claimed for the year endedJune 30, 2022 are $-0-from the Federal Supplemental Educational Opportunity Grant program and $-0- from theFederal Work-Study program.
Student financial aid received is posted directly to student accounts for tuition, housing and other fees for education.Direct Loan amounts received in excess of these costs are distributed to the students.