Audit 3295

Accounting Policies: NOTE A - GENERAL The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs of Early College School at Delaware State University (“the School”). The information in this schedule is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts present in, or used in the preparation of, the basic financial statements. NOTE B - BASIS OF ACCOUNTING The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance, Section 414.