Notes to SEFA
Title: EDUCATION EQUITY EXPENDITURES
Accounting Policies: Expenditures reported on the Schedule are reported on the 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The $47,498 of expenditures included in Education Equity (ALN 84.425D, Grant Number 203720) are fiscal-year 2020-2021 expenditures. The Academy did not receive the grant award notification until December 7,2021, so no receivable was recorded for the fiscal year ended June 30, 2021. The grants period of performance was March 13, 2020 through June 30, 2022. These expenditures were included as part of the current year major program determination.