Notes to SEFA
Title: Subrecipients
Accounting Policies: 1. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Friends Seminary under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of Friends Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Friends Seminary. 2. 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: Friends Seminary has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
There were no awards passed through to subrecipients for the year ended June 30, 2024.
Title: Federal Loan Programs
Accounting Policies: 1. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Friends Seminary under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of Friends Seminary, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Friends Seminary. 2. 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: Friends Seminary has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Friends Seminary does not have any federal loan programs.