Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the award activity of La Salle School (the School) under programs of the federal government for the year ended June 30, 2025, and has been prepared in accordance with accounting principles generally accepted in the United States. 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 assets, or cash flows of the School.
Expenditures reported on the Schedule are reported on the 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. Differences between amounts included in the Schedule and amounts reported to funding agencies for these programs result from report timing.
The School has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.