Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the 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 may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Ohio Connections Academy, Cuyahoga County, Ohio (the Academy) under programs of the federal government for the year ended June 30, 2022. The information on this Schedule is prepared 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 Academy, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Academy.
Title: TRANSFER BETWEEN PROGRAMS
Accounting Policies: Expenditures reported on the 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 may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Academy transferred the following funds between programs in fiscal year 2021:AL Number / Grant TitleGrant YearTransfer OutTransfer In84.424A Title IV-A Student Support and Academic Enrichment2022 $96,325 84.010A Title I2022 $96,325 84.367A Title II-A Improving Teacher Quality2022 206,947 84.010A Title I2022 206,947 $303,272 $303,272 The amount transferred to Title I is included in Title I program expenditures when disbursed.
Title: TRANSFERS
Accounting Policies: Expenditures reported on the 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 may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The School generally must spend Federal assistance within 15 months of receipt. However, with Ohio Department of Education (ODE) approval, an School can transfer (carryover) unspent Federal assistance to the succeeding year, thus allowing the School a total of 27 months to spend the assistance. During fiscal year 2022, the ODE authorized the following transfers:AL Number / Grant TitleGrant YearTransfer OutTransfer In84.010A Title I2021 $7,573 84.010A Title I2022 $7,573 $7,573 $7,573