Notes to SEFA
Title: 1 BASIS OF PRESENTATION
Accounting Policies: 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.
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 activity of the School under Federal Government programs for the year ended June 30, 2023. 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.
Title: 2 SUMMARY OF SIGNFICANT ACCOUNTING POLICIES
Accounting Policies: 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.
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 FEDERAL LOAN OR LOAN GUARANTEE
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The auditee used actual costs and did not elect to use the 10% indirect cost rate.
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance) also prescribes the ending balances of these loans at the end of the audit period as well as total federal expenditures. The total outstanding balance at June 30, 2024 was $15,738,837. As stated in the notes to the financial statement there were no current year expenditures or additions to the loan. Therefore, the ending balance on the loan is required to be disclosed in the Notes to the SEFA and is included as such.
Title: 4 DE MINIMIS INDIRECT COST RATE
Accounting Policies: 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.
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.