Notes to SEFA
Title: Relationship to Financial Report
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Variances may occur between the amounts reflected in the financial reports filed with the grantor agencies and the supplementary schedules. Variances may consist of: timing related to accruals, matching requirements, and differences in program year ends.
Title: Commitments and Contingencies
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal grants received by the School are subject to review and audit by grantor agencies. The Schools management believes that the results of such audits will not have a material effect of the schedule.