Notes to SEFA
Title: Note 1: General
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the expenditures for all federal award programs received by the School for the fiscal year ended August 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: Note 4: Relationship to Financial Report Submitted to Grantor Agencies
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Variances may occur between the amounts reflected in the financial reports filed with the grantor agencies and the supplementary schedules. Variances may consist of: timing related to accruals, matching requirements, and differences in program year ends.
Title: Note 5: Commitments and Contingencies
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal grants received by the School are subject to review and audit by grantor agencies. The School’s management believes that the results of such audits will not have a material effect of the schedule.