Notes to SEFA
Title: Relationship to the Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. The expenditures are recognized following the cost principles of Uniform Guidance wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of federal and state awards presents only a selected portion of the activities of the school. It is not intended and does not present the balance sheet, revenue, expenditures, or changes in fund balances of governmental funds. The financial activity for the aforementioned awards is reported in the School's statement of revenue, expenditures, and changes in fund balances of governmental funds.
Title: General Information
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. The expenditures are recognized following the cost principles of Uniform Guidance wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards presents the activities of the federal and state financial assistance programs of the School. Financial Awards received directly from federal agencies, as well as financial assistance passed through other governmental agencies or non-profit organizations, are included in the Schedule.