Notes to SEFA
Title: Basis of Presentation
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, or other
applicable regulatory guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The School has opted to use the 10% de minimis rate allowed by the Uniform Guidance as applicable
for Assistance Listing Number 84.425N.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of the School under programs of the federal government for the year ended June 30,
2023. 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 the operations of the School, it is not intended to and does not present the financial position,
changes in net position or cash flows of the School.