Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of The Academy of the New Church under programs of the federal government for the year ended June 30, 2024. 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 Academy of the New Church, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Academy.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance and I or 0MB Circular A0122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Academy of the New Church has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.