Notes to SEFA
Accounting Policies: 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Neumann University (the University) under programs of the federal government for the year ended June 30, 2022. The information in the schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule represents only a selected portion of the activates of the University, it is not intended to and does not represent either the financial position, changes in activities, or cash flows of the University 2. Summary of Significant Accounting Policies. Expenditures reported on the Schedule include the federal grant transactions of the university recorded on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance. In certain programs, the expenditures of federal awards due to program expenditures exceeding grant or contract budget limitations which are not reported as expenditures in the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.