Notes to SEFA
Accounting Policies: The expenditures reported on the schedule are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negativeamounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of businessto amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The School did not charge indirect costs to federal programs.