Notes to SEFA
Title: 1 BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the School and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of the U.S. Office of Management and Budget Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations.
De Minimis Rate Used: N
Rate Explanation: The auditee used actual costs and did not elect to use the 10% indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activities of the Organization during its fiscal year July 1, 2023 through June 30, 2024. The information in this schedule is presented in accordance with the requirements of Uniform guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.