Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of the School under programs of the federal government for the year
ended June 30, 2024. The information in this Schedule is presented in accordance with the
requirements of the 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
the School, it is not intended to, and does not, present the financial position, changes in net
assets, or cash flows of the School. 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: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed
under the Uniform Guidance.