Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of Invent Learning Hub, Inc. (the School) under programs of the federal governmentfor the year ended June 30, 2022. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the School, it is notintended to and does not present the financial position, changes in net assets, functional expenses, orcash flows of the School.NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.NOTE 3 - INDIRECT COST RATEThe School has elected not to use the 10 percent de minimis indirect cost rate allowed under theUniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.