Notes to SEFA
Title: NOTE 1BASIS OF PRESENTATION
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES Expenditures reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement period. The Corporation is waiving the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the grant expenditures of the University of Chicago Charter School Corporation (the Corporation) for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 the Organization, it is not intended to, and it does not, present the financial position, changes in net assets, or cash flows of the Corporation.
Title: NOTE 3 RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FS
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES Expenditures reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement period. The Corporation is waiving the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following table presents a reconciliation of the total federal expenditures reported in the Schedule to the Government grants and contracts on the financial statements:Total federal expenditures per the Schedule $ 2,824,654 Add: CPS non-federal funding 15,857,342 Add: State funding 1,104,434 Government grants and contracts per financial statements $ 19,786,430