Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of Urban Learning Collaborative, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of The Uniform Guidance and the State Single Audit Guidelines. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the de minimus indirect cost rate, however federal and state awards have only been charged direct costs.