Notes to SEFA
Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards and state financial assistance (the "Schedule") includes the federal and state grant activity of Memphis Academy of Science and Engineering for the year ended June 30, 2022. 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) and the State of Tennessee Department of Audit, Audit Manual. Because the schedule presents only a selected portion of the operations of MASE, it is not intended to and does not present the net position or changes in net position of MASE. Note 2 - Summary of Significant Accounting Policies Expenditures reported the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. MASE has elected not to use the 10% 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.