Notes to SEFA
The accompanying Supplemental Schedule of Expenditures of Federal Awards is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, and is prepared using the accrual basis of accounting and economic resource measurement focus.
The current year expenditures reported on the Supplemental Schedule of Expenditures of Federal Awards is reconciled to the basic financial statements as follows:
The School has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.