Notes to SEFA
Accounting Policies: The Schedule of Expenditure of Federal Awards (the
Schedule) includes the federal award activity of FSE under programs of the federal government for the
year ended June 30, 2024 and are reported on the accrual basis of accounting. 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 operations of
FSE, it is not intended to and does not present the consolidating financial position, changes in net assets,
or cash flows of FSE. 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. FSE did not provide any federal awards to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: FSE has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.