Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Spokane International Academy under programs of the federal government for the year ended August 31, 2024. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Par 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 Spokane International Academy, it is not intended to and does not present the financial position, changes in fund balance or net potisiton of Spokane International Academy.
Expenditures reported in the schedule are reported on the modified accrual basis of accounting. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guildance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
Spokane International Academy has not elected to use the 10% de minimis cost rate.
Nonmonetary assistance is reported in the SEFA at the fair market value of the commodities received and disbursed.