Notes to SEFA
Title: Basis of Presentation
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 accordance with the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, ReNEW did not include any expenditures related to indirect cost rate calculations and did not elect to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of ReNEw – Reinventing Education (ReNEW) for the year ended June 30, 2023. 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). Because the Schedule presents only a selected portion of the operations of ReNEW, it is not intended to and does not present the financial position, changes in net assets, or cash flows of ReNEW. ReNEW’s reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2023.
Title: Relationship to Financial Statements
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 accordance with the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, ReNEW did not include any expenditures related to indirect cost rate calculations and did not elect to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance.
Federal revenues of $9,029,008 are included in Revenues and Support on the Statement of Activities.
Title: Amounts Passed Through to Subrecipients
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 accordance with the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, ReNEW did not include any expenditures related to indirect cost rate calculations and did not elect to use the 10-percent de minimis indirect cost rate as allowed in the Uniform Guidance.
ReNEW passed through $121,043 of National School Lunch Program funding (Assistance Listing Number 10.555) to a subrecipient during the year ended June 30, 2023.