Notes to SEFA
Title: 1 - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the School under Federal Government programs for the year ended June 30, 2024. The information in this schedule has been 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 (the Uniform Guidance). Because the Schedule presents only a select portion of the operations of the School, it is not intended to and does not present the net position, or statement of activities of the School.
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.
Title: 2 - SUMMARY OF SIGNFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the School under Federal Government programs for the year ended June 30, 2024. The information in this schedule has been 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 (the Uniform Guidance). Because the Schedule presents only a select portion of the operations of the School, it is not intended to and does not present the net position, or statement of activities of the School.
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 includes the federal grant activity
of the School and is presented on the 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.
Title: 3 - DE MINIMIS INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the School under Federal Government programs for the year ended June 30, 2024. The information in this schedule has been 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 (the Uniform Guidance). Because the Schedule presents only a select portion of the operations of the School, it is not intended to and does not present the net position, or statement of activities of the School.
De Minimis Rate Used: N
Rate Explanation: The auditee used actual costs and did not elect to use the 10% indirect cost rate.
The auditee used actual costs and did not elect to use the 10% indirect cost rate.