Notes to SEFA
Title: Note 3: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic financial statements. All federal awards were received directly from federal agencies and are included on the Schedule, as well as federal assistance passed through government agencies. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal awards revenues are reported in the School's basic financial statements as federal grants.
Title: Note 4: LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic financial statements. All federal awards were received directly from federal agencies and are included on the Schedule, as well as federal assistance passed through government agencies. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School did not expend federal awards related to loans or loan guarantees during the year ended June 30, 2022.
Title: Note 5: FEDERALLY FUNDED INSURANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic financial statements. All federal awards were received directly from federal agencies and are included on the Schedule, as well as federal assistance passed through government agencies. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School had no federally funded insurance for the year ended June 30, 2022.
Title: Note 6: NONCASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic financial statements. All federal awards were received directly from federal agencies and are included on the Schedule, as well as federal assistance passed through government agencies. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School did not receive any federal noncash assistance for the year ended June 30, 2022.