Notes to SEFA
Accounting Policies: NOTE A-Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award expenditures of Sunflowers Academy, Inc. (the Organization) under programs of the federal government for the year ended July 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the expenditures of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. NOTE B-Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Sunflowers Academy, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowedunder the Uniform Guidance.