Notes to SEFA
Title: Basis of Presentation of Schedule of Expenditures of Federal Awards
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal grant activity of the school. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The amounts presented in the schedule agree to the amounts presented in or used in the preparation of the basic financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The schedule is presented using the accrual basis of accounting, which is described in the note of summary of significant accounting policies to the school basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The school has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
Title: Subrecipients
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
There were no federal awards provided to subrecipients.