Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the grant activity of Learning Ally, Inc. (the “Organization”) and is presented on the accrual basis of accounting for the year ended June 30, 20124. The information on 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), Audits of States, Local Governments, and Non-Profit Organizations, as well as, those of the respective states listed on the schedule of expenditures of federal and state awards (see page 38), and is not a required part of the basic financial statements. Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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 auditee does not use the de minimis cost rate