Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of Federal Awards includes the Federal Award activity of Autisit
Title: Note 3 - Insurance Coverage
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Company maintained insurance in the amount of $1,000,000 in general liability per occurrence with $3,000,000 aggregate and a $5,000,000 umbrella. The Company also maintains $1,000,000 in professional liability per occurrence with $3,000,000 aggregate coverage during the fiscal year ended August 31, 2022.