Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual bases of accounting. Under the modified accrual basis of accounting, expenditures are recognized when the related fund liability is incurred. Federal grant programs which are administered through State agencies (pass-through awards) have been included in this report. 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 and, therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the financial statements.
The Academy elected not to utilize the 10% de minimus indirect cost rate.
The Academy did not pass through any grant funds to subrecipients for the year ended June 30, 2025.