Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis in accordance with accounting principles prescribed by the Pennsylvania Department of Education, which conform to generally accepted governmental accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable. Revenues designated for payment of specific School expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at the fiscal year end is recorded as unearned revenue or a receivable, respectively.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate for its federal programs.