Notes to SEFA
Title: NOTE 2: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Academy
School District Twenty, Colorado Springs, Colorado (the District), under programs of the federal government for the year
ended June 30, 2022 and is presented on the modified accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion
of the operations of the District, it is not intended to and does not present the financial position or changes in net position
of the District.
De Minimis Rate Used: N
Rate Explanation: The District has elected to not use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Grant Guidance.
Revenue from Federal Awards is recognized when the District has done everything necessary to establish its right to
revenue. For governmental funds, revenue from federal grants is recognized when it becomes both measurable and
available. Expenditures on the Schedule are recognized following the cost principles contained in the Uniform Guidance
for all awards with the exception of Assistance Listing 21.019, which follows criteria determined by the Department of
Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited
as to reimbursement. The District has elected to not use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Grant Guidance.
Title: NOTE 3: NONCASH PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Academy
School District Twenty, Colorado Springs, Colorado (the District), under programs of the federal government for the year
ended June 30, 2022 and is presented on the modified accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion
of the operations of the District, it is not intended to and does not present the financial position or changes in net position
of the District.
De Minimis Rate Used: N
Rate Explanation: The District has elected to not use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Grant Guidance.
Commodities donated to the District by the United States Department of Agriculture (USDA) of $453,257 are valued
based on the USDA's Donated Commodity Price List. These are shown as part of the National School Lunch Program,
CFDA 10.555.