Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Academy under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Academy, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Academy.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.