Notes to SEFA
Accounting Policies: Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the federal grant activity
of EdAdvance under programs of the federal government for the fiscal year ended June 30,
2023. 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 Audit Requirements for Federal Awards (Uniform Guidance). Because the
Schedule presents only a selected portion of the operations of EdAdvance, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of EdAdvance
Basis of Accounting
Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the
accrual basis of accounting. Such expenditures are recognized following the cost principles
contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement. Therefore, some amounts presented in this schedule may differ
from amounts presented in, or used in the preparation of, the basic financial statements included
in EdAdvance’s annual audit report.
De Minimis Rate Used: N
Rate Explanation: EdAdvance did not elect to use the 10% de minimis indirect cost rate.