Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures on Federal Awards presents the activity of all federal awards received by Georgia Connections Academy Charter School, Inc. (the “Academy”). All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included in this schedule.
The accompanying Schedule of Expenditures on Federal Awards is presented using the modified accrual basis of accounting, which is described in Note 2 to the Academy's financial statements. The schedule has been prepared in conformity with generally accepted accounting principles as applied to governmental entities. Expenditures are recognized following the applicable cost principles contained in either Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.