Notes to SEFA
Title: Note (1) - Basis of Presentation
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: N
Rate Explanation: Rate used per pass-through entity
The Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the School. The information in this schedule is presented in accordance with the requirements of the State of Tennessee Department of Audit, Audit Manual and Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because this schedule presents only a selected portion of the operations of the School, it is not intended and does not present the net position or changes in net position of the School.
Title: Note (2) - Basis of Accounting
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: N
Rate Explanation: Rate used per pass-through entity
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in OMB Title 2 U.S. Code of Federal Regulations (CFR) 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.
Title: Note (3) - Indirect Cost Rate
Accounting Policies: Basis of presentation, basis of accounting, indirect cost rate
De Minimis Rate Used: N
Rate Explanation: Rate used per pass-through entity
The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.