Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to Lycee Francais De La Nouvelle-Orleans's basic financial statements for the year ended June 30, 2024. 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: The Organization was assigned an indirect cost rate through the Louisiana Department of Education.
The accompanying schedule of federal awards (the "Schedule") includes the federal grant activity of Lycee Francais De La Nouvelle-Orleans 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 Guidance). Because the Schedule presents only a selected portion of the operations of Lycee Francais De La Nouvelle-Orleans, it is not intended to and does not present the financial position, changes in net position, or cash flows of Lycee Francais De La Nouvelle-Orleans.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to Lycee Francais De La Nouvelle-Orleans's basic financial statements for the year ended June 30, 2024. 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: The Organization was assigned an indirect cost rate through the Louisiana Department of Education.
The accompanying Schedule of Expenditures of Federal Awards is presented uding the modified accrual basis of accounting, which is described in Not 1 to Lycee Francais De La Nouvelle-Orleans's basic financial statements for the year ended June 30, 2024. 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.
Title: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 1 to Lycee Francais De La Nouvelle-Orleans's basic financial statements for the year ended June 30, 2024. 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: The Organization was assigned an indirect cost rate through the Louisiana Department of Education.
Lycee Francais De La Nouvelle-Orleans has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.