Notes to SEFA
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. Negative amounts, (if any) shown on the schedule represent adjustments orcredits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entityidentifying numbers are presented where available. The School has elected not to use the 10-percent de minimis indirect costrate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.