Notes to SEFA
Title: General
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting for expenditures in governmental fund types and on the accrual basis for expenses in proprietary fund types, which is described in Note 1 to the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimus indirect cost rate
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of American Leadership Academy (the School). The School's reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directyly from federal agencies as well as federal awards passed-through other government agencies are included on the schedule of expenditures of federal awards.
Title: Non-Cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting for expenditures in governmental fund types and on the accrual basis for expenses in proprietary fund types, which is described in Note 1 to the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimus indirect cost rate
The school did not receive any non-cash assistance.
Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis of accounting for expenditures in governmental fund types and on the accrual basis for expenses in proprietary fund types, which is described in Note 1 to the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimus indirect cost rate
The school does not have federally insured loans outstanding at year end.