Notes to SEFA
Accounting Policies: Schedule of Expenditure of Federal Awards: The Schedule of Expenditure of Federal Awards includes thefederal award activity of Rex and Margaret Fortune School of Education and is presented on the accrualbasis of accounting. The information in this schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures are recognized followingthe cost principles contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. FSE has not elected to use the 10-percent de minimisindirect cost rate allowed in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.