Notes to SEFA
Accounting Policies: Note A - Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) incluldes the federal award activity of the School under programs of the federal government for the year ended June 30, 2022. Because the Schedule presents only selected portions of the operations of the school it is not intended and does not present the financial position, changes in net assets, or cash flows of the School.Note B - Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the regulatory basis of accounting consistent with the preparation of the combined financial statements except for nonmonetary assistance noted in Note C. 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. The School has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.Note C - Food Distribution - Non-monetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.