Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
activities in all the Federal programs of New York School of Interior Design (the “School”) and
is presented 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”). Because the Schedule presents only a selected portion of the 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.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.