Notes to SEFA
Accounting Policies: The expenditures reported on the schedule 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. Negative
amounts shown on the schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were calculated in accordance with 2 CFR §200.412 Direct and Indirect Costs. The School did not elect to use the 10% de minimis cost rate as covered in 2 CFR §200.414 Indirect Costs. No programs utilized
a lower indirect cost rate based on program restrictions or other factors determined by the School. The School did not charge indirect costs to federal programs.