Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expense Recognition
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 allowed or are limited as to
reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $41,922 is reported in the schedule of
expenditures of federal awards as AL No. 10.555 at the fair market value of the
commodities received and disbursed.
De Minimis Rate Used: N
Rate Explanation: Friends of King School has elected not to use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the
federal grant activity of the Friends of King School under programs of the federal
government for the year ended June 30, 2024. The information in the 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 the Friends of King School, it is not intended
to and does not present the financial position, changes in net assets, or cash flows of the
Friends of King School.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expense Recognition
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 allowed or are limited as to
reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $41,922 is reported in the schedule of
expenditures of federal awards as AL No. 10.555 at the fair market value of the
commodities received and disbursed.
De Minimis Rate Used: N
Rate Explanation: Friends of King School has elected not to use the 10% de minimis indirect cost rate.
Expense Recognition
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 allowed or are limited as to
reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $41,922 is reported in the schedule of
expenditures of federal awards as AL No. 10.555 at the fair market value of the
commodities received and disbursed.
Title: INDIRECT COST RATE
Accounting Policies: Expense Recognition
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 allowed or are limited as to
reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $41,922 is reported in the schedule of
expenditures of federal awards as AL No. 10.555 at the fair market value of the
commodities received and disbursed.
De Minimis Rate Used: N
Rate Explanation: Friends of King School has elected not to use the 10% de minimis indirect cost rate.
Friends of King School has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.