Notes to SEFA
Title: Note A – Significant Accounting Policies
Accounting Policies: This Schedule of Expenditures of Federal Awards includes the federal grant activity of Academy for Five Element Acupuncture, Inc. (the "Institution") 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance.
This Schedule of Expenditures of Federal Awards includes the federal grant activity of Academy for Five Element Acupuncture, Inc. (the "Institution") 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
Title: Note B – Loan Balances
Accounting Policies: This Schedule of Expenditures of Federal Awards includes the federal grant activity of Academy for Five Element Acupuncture, Inc. (the "Institution") 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance.
The Institution does not have any outstanding loans with any federal government agency.
Title: Note C – Indirect Cost Rate
Accounting Policies: This Schedule of Expenditures of Federal Awards includes the federal grant activity of Academy for Five Element Acupuncture, Inc. (the "Institution") 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance.
The Institution does not have an indirect cost rate and has elected not to use the 10 percent de minimis rate allowed under Uniform Guidance.