Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: DC Prep has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of DC Prep under programs of the federal government for the year ended June 30, 2022. 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 DC Prep, it is not intended to and does not present the financial position, changes in net assets, or cash flows of DC Prep.
Title: Reconciliation of the Schedule of Expenditures
Accounting Policies: Expenditures reported on the SEFA 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.
De Minimis Rate Used: N
Rate Explanation: DC Prep has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Reconciliation of the Schedule of Expenditures of Federal Awards to the Consolidated Statement of ActivitiesThe expenditures per the schedule of expenditures of federal awards are reported in the consolidated statement of activities is as follows: Expenditures per schedule of federal awards $ 6,634,926 Prior period revenue adjustment from Medicaid 386,196 E-rate program revenue 120,403 Emergency connectivity fund (ECF) (37,369) Prior year revenue adjustment form federal covid subsidy 5,672Total Federal Grants and Entitlements Reported in the Consolidated Statements of Activities $ 7,111,828 Federal grants $ 4,990,182 Federal entitlements 2,121,646Total Federal Grants and Entitlements Reported in the Consolidated Statements of Activities $ 7,111,828