Notes to SEFA
Title: RECONCILIATION TO STATEMENT OF ACTIVITIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the School basic consolidated financial statements.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
Below is a reconciliation of the schedule of expenditures of federal awards to the grants - federal sources as presented on the statement of activities for the year ended June 30, 2023. (See table in report)
Title: LOAN
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the School basic consolidated financial statements.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
The School did not expend federal awards related to loans or loan guarantees during the year ended June 30, 2023.
Title: FEDERALLY FUNDED INSURANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the School basic consolidated financial statements.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
The School has no federally funded insurance for the year ended June 30, 2023.
Title: NONCASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the School basic consolidated financial statements.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect rate allowed under the Uniform Guidance.
The School received federal noncash assistance for the fiscal year ended June 30, 2023 for USDA commodities in the amount of $48,314 and the remaining $1,183,935 federal noncash assistance comes from various programs such as ESSER, Title I, Title II, and Title IV.