Notes to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting and includes the federal grant activity of North American University. 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) wherein certain types of expenditures are not allowable or are limited as to reimbursement. North American University has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.