Notes to SEFA
Title: Reconciliation of Accrued Revenue Amounts per the Schedule of Federal Award
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.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal subsidies receivable at June 30, 2022 and 2021 was $774,290 and $154,686. Included in due from affiliates at June 30, 2022 and 2021 was $0 and $6,733. Included in deferred revenue was $(9,136) and $(32,637). The total accrued revenue at June 30, 2022 and 2021 was $765,154 and $128,782.