Notes to SEFA
The schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity 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") and the State of Tennessee. 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 or changes in financial position 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 related federal and state awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The School has elected not to use the 10 percent de minimis indirect cost rate. The School did not provide any funds to subrecipents.