Notes to SEFA
Title: NOTE 3 - ADDITIONAL INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the School under the programs of the federal and state governments for the fiscal year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School did not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal and state governments. Any disallowed claims, including amounts already collected, may constitute a liability of applicable funds. The amount, if any, of expenditures which may be disallowed by the grantors cannot be determined at this time, although the School's management expects such amounts, if any, to be immaterial.
Title: NOTE 4 - LOAN AND LOAN GUARANTEES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the School under the programs of the federal and state governments for the fiscal year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School did not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The School did not expend federal awards related to loans or loan gurantees during the year ended June 2023.
Title: NOTE 5 - FEDERALLY FUNDED INSURANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the School under the programs of the federal and state governments for the fiscal year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School did not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The School had no federally funded insurance.
Title: NOTE 6 - NONCASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the School under the programs of the federal and state governments for the fiscal year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School did not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The School did not receive any federal noncash assistance for the year ended June 30, 2023.