Notes to SEFA
Title: Note B
Accounting Policies: The information in the schedule of expenditures of federal awards includes the federal grant activity of St. Thomas' Episcopal School (the School), and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance).The schedule is presented on the modified cash basis of accounting. The use of this method means that accrued expenses, which may be material in amount, are not reflected in the accompanying schedule. Furthermore, in accordance with provisions stated in the Compliance Supplement of 2 CFR Part 200, CFDA 97.036, the schedule includes eligible expenditures incurred in prior fiscal years for which the Project Worksheet was not approved until the current fiscal year. Accordingly, the schedule is not intended to present the federal grant activity in conformity with generally accepted accounting principles in the United States.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule includes eligible expenditures incurred prior to August 1, 2021 as follows: Expenditures incurred in prior fiscal years $2,227,968. Expenditures of Federal awards, as reported $2,227,968. Total funds received during fiscal 2022 $2,227,968.
Title: Note C Subsequent Events
Accounting Policies: The information in the schedule of expenditures of federal awards includes the federal grant activity of St. Thomas' Episcopal School (the School), and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance).The schedule is presented on the modified cash basis of accounting. The use of this method means that accrued expenses, which may be material in amount, are not reflected in the accompanying schedule. Furthermore, in accordance with provisions stated in the Compliance Supplement of 2 CFR Part 200, CFDA 97.036, the schedule includes eligible expenditures incurred in prior fiscal years for which the Project Worksheet was not approved until the current fiscal year. Accordingly, the schedule is not intended to present the federal grant activity in conformity with generally accepted accounting principles in the United States.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School has evaluated subsequent events trough April 24, 2023, the date the financial statement was available to be issued. No subsequent events occurred, which require adjustment or disclosure to the schedule of expenditures of federal awards at July 31, 2022.