Notes to SEFA
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to New Century School's basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherin certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.