Notes to SEFA
Accounting Policies: The Schedule of Expenditure of Federal Awards
includes the federal award activity of FSE and is presented on the accrual basis of accounting. The
information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected
portion of operations of FSE, it is not intended to and does not present the consolidating financial
position, changes in net assets, or cash flows of FSE. 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. FSE did not provide any federal awards to subrecipients during the year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: FSE has not elected to use the 10-percent de minimis indirect cost rate allowed in the Uniform Guidance.