Notes to SEFA
Title: Note 1: Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The School does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "schedule") includes the federal
award activity of the School 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 Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected
portion of the operations of the School, it is not intended to and does not present the financial position,
changes in net position, or cash flows of the School.
Title: Note 2: Summary of Significant Accounting Policies:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The School does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 does not
use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3: Federal Reimbursement:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The School does not use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal reimbursements are not based upon specific expenditures. Therefore, the amounts reported here
represent cash received rather than federal expenditures.