Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of Legacy Early College, South Carolina (Legacy) for the year ended June 30, 2022. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. The accompanying Schedule is presented using the modified accrual basis of accounting, which is described in the notes to Legacy's financial statements. Federal award expenditures are reported in Legacy's financial statements as expenditures in the Special Revenue Fund and in the Special Revenue Food Service Fund. Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports except for timing differences relating to expenditures made subsequent to the filing of the federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The amount expended does not include any amounts claimed as an indirect cost recovery, as Legacy elected not to use the 10% de minimis cost rate.