Notes to SEFA
Title: Note A. BASIS OF PRESENTATION
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activities of Connections Public Charter School under programs of the Federal government for the year ended June 30, 2023.
The information in this Schedule is presented 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 Connections Public Charter School, it is not intended to and does not present the financial position, change in net position, or cash flows of Connections Public Charter School.
Title: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
Basis of Accounting: Expenditures reported on this 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.
Indirect Cost Rate: The School has elected not to use the 10% de minimis cost rate.
Title: Note C. NONCASH ASSISTANCE
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
The value of the Federal awards expended in the form of noncash food commodities is valued at the time of receipt at fair market value of $13,020.
Title: Note D. SUBRECIPIENT PASS THROUGH AWARDS
Accounting Policies: Note B
De Minimis Rate Used: N
Rate Explanation: Each contract includes an approved budget with itemized expenditures
No Federal awards were passed through to subrecipients.