Notes to SEFA
Title: Note 2
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Academy has not elected to use the 10% de minimis indirect cost rate.
An extensive compliance test, as required by Title 2 U.S. Code of Feeral Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) was performed on the Education Stabilization Funds, which represents 48% of the total expenditures reflected on the Schedule of Expenditures of Federal Awards. The Education Stabilization Funds exceeds $323,018 and, therefore, represent the program to which the specific compliance requirements must be applied.