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
Academy 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: Auditee used direct cost rate
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Youngstown Academy of Excellence, Mahoning County, Ohio (the Academy)
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 Academy, it is not intended to and does
not present the financial position, changes in net position, or cash flows of the Academy.
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
Academy 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: Auditee 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 Academy 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
Academy 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: Auditee used direct cost rate
The Academy generally must spend Federal assistance within 15 months of receipt. However, with Ohio Department of Education (ODE) approval, an Academy (carryover) unspent Federal assistance to the succeeding year, thus allowing the Academy 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
Academy 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: Auditee used direct cost rate
The Academy commingles cash receipts from the U.S. Department of Agriculture with similar State Grants. When reporting expenditures on this Schedule, the Academy assumes it expends federal monies first.