Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The accompanying Supplemental Schedule of Expenditures of Federal Awards is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and is prepared using the accrual basis of accounting and economic resource measurement focus.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Supplemental Schedule of Expenditures of Federal Awards is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and is prepared using the accrual basis of accounting and economic resource measurement focus.
Title: Reconciliation to the Basic Financial Statements
Accounting Policies: The accompanying Supplemental Schedule of Expenditures of Federal Awards is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and is prepared using the accrual basis of accounting and economic resource measurement focus.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The current year expenditures reported on the Supplemental Schedule of Expenditures of Federal Awards is reconciled to the basic financial statements as follows:
SEFA Reconciliation
Revenue from federal sources - reported in the financial statements (includes all funds) $ 3,507,945
Revenue reported in the statement of activities that does not provide current financial resources and is not reported as revenue in the governmental funds (682,401)
Federal expeditures per the schedule of expenditures of federal awards $ 2,825,544
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Supplemental Schedule of Expenditures of Federal Awards is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and is prepared using the accrual basis of accounting and economic resource measurement focus.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.