Notes to SEFA
Accounting Policies: The Schedule of expenditures of Federal Awards includes the federal grant activity of SUM and is presented on the accrual basis of accounting. The information in this 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. Therefore, some amounts presented in this schedule may differ from amounts preseented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE 2 - Student Financial Aid Expenditures The School recognizes expenditures for federal student financial aid programs as they are incurred.Student financial aid program expenditures include payments to students and each programs administrative cost allowanceand excludes amounts representing cost sharing or matching. The administrative allowance claimed for the year ended June 30, 2023 are $3,158 from Federal Supplemental Educational Opportunity Grant program and $0 from the Federal Work-Study program.