Notes to SEFA
Title: NOTE 4 – RECONCILIATION OF FUNCTIONAL EXPENSES TO EXPENDITURES PER SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (SEFA) AND FEDERAL GRANT REVENUE
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Education Potential Verified under programs of the federal government for the year ended August 3, 2024. The information
in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Because the Schedule presents only a selected portion of the operations of Education Potential Verified , it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Education Potential Verified.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on 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: Y
Rate Explanation: Education Potential Verified has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Total Expenditures of Federal Awards per SEFA $1,494,337 Federal Funds Not Expended $ 55,610 Total Federal Awards per the Statement of Activities$1,549,947