Audit 3190

Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. General The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards of New Orleans Military and Maritime Academy, Inc. and Subsidiary (NOMMA). NOMMA’s reporting entity is defined in Note 1 to the consolidated financial statements for the year ended June 30, 2023. All federal awards received directly from federal agencies are included on the schedule, as well as federal awards passed-through other government agencies. b. Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to NOMMA’s consolidated financial statements for the year ended June 30, 2023. De Minimis Rate Used: Y Rate Explanation: INDIRECT COST RATE NOMMA has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.