Notes to SEFA
Title: Presentation
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Academy did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance section 2 CFR 200.414 indirect costs.
The Schedule of Expenditures of Federal Awards is presented in accordance with the modified accrual basis of accounting.
Title: Cash Management System
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Academy did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance section 2 CFR 200.414 indirect costs.
Management has utilized the Cash Management System Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards.
Title: Agreement of Federal Sources
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Academy did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance section 2 CFR 200.414 indirect costs.
Revenues from federal sources per the government funds financial statements agree with the expenditures per the Schedule of Expenditures of Federal Awards.
Title: Pass Through Abbreviations
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Academy did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance section 2 CFR 200.414 indirect costs.
The Academy receives certain Federal grants as subawards from non-federal entities. Pass-through entities, where applicable, have been identified in the Schedule with an abbreviation as follows:
Title: De Minimis Costs
Accounting Policies: Modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Academy did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance section 2 CFR 200.414 indirect costs.
The Academy did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance section 2 CFR 200.414 indirect costs.