Notes to SEFA
Title: Schedule of Expenditures
Accounting Policies: The expenditures on this schedule are on the modified accrual basis of accounting, which is described in Note 1 to the basic financial statements of the School. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts recorded as expenditures in prior years. The School did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards presents the activity of federal award programs expended by the Midway Star Academy.