Notes to SEFA
Title: NOTE A – 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 the Uniform Guidance, wherein certain types of
expenditures may or may not be allowable or may be limited as to reimbursement. The School has elected not
to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Entity used direct cost rate
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award
activity of Cleveland Arts & Social Science Academy, Cuyahoga County, Ohio (the School) under programs of the
federal government for the year ended June 30, 2023. The information on this Schedule is prepared
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 the School, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the School.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, wherein certain types of
expenditures may or may not be allowable or may be limited as to reimbursement. The School has elected not
to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Entity used direct cost rate
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, wherein certain types of
expenditures may or may not be allowable or may be limited as to reimbursement. The School has elected not
to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C – TRANSFERS
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, wherein certain types of
expenditures may or may not be allowable or may be limited as to reimbursement. The School has elected not
to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Entity used direct cost rate
The School generally must spend Federal assistance within 15 months of receipt. However, with Ohio
Department of Education (ODE) approval, an School (carryover) unspent Federal assistance to the succeeding
year, thus allowing the School a total of 27 months to spend the assistance.
Title: NOTE D – CHILD NUTRITION CLUSTER
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, wherein certain types of
expenditures may or may not be allowable or may be limited as to reimbursement. The School has elected not
to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Entity used direct cost rate
The School commingles cash receipts from the U.S. Department of Agriculture with similar State Grants.
When reporting expenditures on this Schedule, the School assumes it expends federal monies first.