Notes to SEFA
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of LEARN, under programs of the federal government for the yearended June 30, 2022. The information in the Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance).Because the Schedule presents only a selected portion of the operations of LEARN, it is notintended to, and does not, present the financial position, changes in fund balance, changesin net position or cash flows of LEARN.Basis of AccountingExpenditures reported on the Schedule are reported using the modified accrual basis ofaccounting. Such expenditures are recognized following the cost principles contained in theUniform Guidance. Under these principles certain types of expenditures are not allowable orare limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.