Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards (the Schedule) includes the federal awardsactivity of Delaware College of Art and Design under programs of the federal government for the year endedJune 30, 2022. The information in the 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 AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portionof the operations of Delaware College of Art and Design, it is not intended to, and does not, present thefinancial position, change in net assets or cash flows of the Delaware College of Art and Design.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.