Notes to SEFA
Accounting Policies: 1. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the School. The Schedule includes federally funded amounts of pass-through awards received by the School through the State of Colorado. The information this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule represents only a selected portion of the operations of the School, it is not intended to and does not present the financial position, changes in position or cash flows of the School.
2. Amounts reported in the Schedule are recognized on the modified accrual basis when they become a demand on current available federal resources and eligibility requirements are met. Such expenditures are recognized following, as applicable, either the cost principal contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursements. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of, the basic financial statements or reports to federal agencies and pass-through grantors. The School has elected not to use the de minimis 10 percent indirect cost rate allowed under the Uniform Guidance.
3. During the year ended June 30, 2024, the School did not pass through any federal funds to subrecipients.
4. For federal awards expended by the School as a subrecipient, the Schedule includes identification of the pass-through grantor and the identifying number assigned to the grant by the pass-through grantor.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the de minimis 10 percent indirect cost rate allowed under the Uniform Guidance.