Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards presents the activityof all federal award programs administered by Western New York Maritime CharterSchool (the School), an entity as defined in Note 1 to the Schools financialstatements. Federal awards received directly from federal agencies, as well asfederal awards passed through from other governmental agencies, are included onthe schedule of expenditures of federal awards.Basis of AccountingThe amounts reported as federal expenditures generally were obtained from theappropriate federal financial reports for the applicable programs and periods. Theamounts reported in these federal financial reports are prepared from recordsmaintained for each program, which are periodically reconciled with the Schoolsfinancial reporting system. The federal expenditures are recorded on the accrualbasis.Indirect CostsThe School typically does not allocate indirect costs to federal programs and assuch, the 10% de minimis indirect cost rate permitted by the Uniform Guidance isnot applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.