Notes to SEFA
Title: Reconciliation to the Basic Financial Statements
Accounting Policies: The accompanying Supplemental Schedule of Expenditures of Federal Awards is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and is prepared using the accrual basis of accounting and economic resource measurement focus.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The current year expenditures reported on the Supplemental Schedule of Expenditures of Federal Awards is reconciled to the basic financial statements as follows:
SEFA Reconciliation
Revenues from federal sources - reported in the financial
statements (includes all funds) $3,233,094
Revenue reported in the Statement of Activities that does
not provide current financial resources and is not reported
in the governmental funds 231,512
Federal expenditures per the schedule of expenditures
of federal awards $3,464,606