Notes to SEFA
Title: Reconciliation of Accrued Revenue Amounts per the Schedule of Federal Awards to the Statement of Net Position
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 are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal Subsidies at June 30, 2023 and 2022 were $1,313,536 and $1,732,423 respectively. Included in due from Affiliates at June 30, 2023 and 2022 was $3,604 and $0. Included in deferred revenues at June 30, 2023 and 2022 was $(42,507) and $(14,282). The total Accrued Revenue at June 30, 2023 and 2022 was $1,274,633 and $1,718,141.
Title: Clustered Programs
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 are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In accordance with 2 CFR Section 200.518 of the Uniform Guidance, certain programs have been clustered in determining major programs. The following represents the clustered programs. The names of these clusters (and their assistance listing number) are; School Breakfast Program (10.553), National School Lunch Program (10.555), which are all a part of the Child Nutrition Cluster. Next are the IDEA part B (84.027), American Rescue Plan Act - Idea Part B - (84.027) which all fall under the Special Education Cluster.