Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accompanying schedule of federal awards is presented on the modified accrual basis of accounting as described in Note 1 to the School's Financial Statements.
De Minimis Rate Used: N
Rate Explanation: Franklin Towne Charter Elementary School did not use the 10% de minmis indirect cost rate.
Franklin Towne Elementary Charter School (the School) is the reporting entity for financial reporting purposes as defined in Note to the School's financial statements. All financial assistance received directly from federal agencies as well financial assistance passed through other governmental agencies is included on the schedule.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of federal awards is presented on the modified accrual basis of accounting as described in Note 1 to the School's Financial Statements.
De Minimis Rate Used: N
Rate Explanation: Franklin Towne Charter Elementary School did not use the 10% de minmis indirect cost rate.
The accompanying schedule of federal awards is presented on the modified accrual basis of accounting as described in Note 1 to the School's Financial Statements. Franklin Towne Charter Elementary School did not use the 10% de minmis indirect cost rate.
Title: Risk Based Audit Approach
Accounting Policies: The accompanying schedule of federal awards is presented on the modified accrual basis of accounting as described in Note 1 to the School's Financial Statements.
De Minimis Rate Used: N
Rate Explanation: Franklin Towne Charter Elementary School did not use the 10% de minmis indirect cost rate.
The 2023 threshold for determining Type A and Type B Programs is $750,000. The following program was audited as major: Assistance Listing Numer 84.425 - Elementary and Secondary Schools Emergency Relief Fund. The amount expended under programs audited as major federal programs for the year ended June 30, 2023 totaled $3,681,649 or 69% of total federal awards.