Notes to SEFA
Accounting Policies: The School uses the modified accrual method of recording transactions. Revenues are recorded when measurable and available. Expenditures are recorded when incurred. The schedule of expenditures of federal awards reflects federal expenditures for all individual grants which were active during the fiscal year.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. For the year ended June 30, 2023, there were no indirect costs included in the schedule of expenditures of federal awards.