Title: Note 1 Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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 Charter School has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) include the federal grant activity of Bronx Arts and Science Charter School (the “Charter School”) under programs of the federal governments 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 the Charter School, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Charter School.
Title: Note 2 Basis of Accounting
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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 Charter School has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule of expenditures of federal awards are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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.
Title: Note 3 Pass Through Entity Identifying Number
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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 Charter School has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Pass-through entity identifying numbers are presented where available.
Title: Note 4 Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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 Charter School has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.
The Charter School has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 5 Major Programs
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in 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 Charter School has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.
Major programs are identified in the Summary of Auditors’ Results section of the Schedules of Findings and Questioned Costs.