Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting for grants which are accounted for in the governmental fund types and on the accrual basis of accounting for grants which are accounted for in the proprietary fund types. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code Federeal Regulations, Part 200, Unifirm Admisniatrtive Requirements, Cost Principles, and Audit Requirements of Federal Awards, and the Florida Single Audit Act, wherien certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity numbers are presented where avaialeble.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federeal wards includes the federeal grant activity of the City of Hialeah Eductaional Aacademy, Inc (the School) for the fiscal year ended June 30, 2022. The information in this schuele is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Ptinciples, and Audit Requirements for Federal Awards (Uniform Guidance), and Chapter 10.550, Rules of the Auditor General. Because the schedule presents only a selected portion of the operations of the School, it is not intended to and does not present the financial position, changes in net position/fund balance or cash flows of thh School.
Title: GRANTS CONTINGENCY
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting for grants which are accounted for in the governmental fund types and on the accrual basis of accounting for grants which are accounted for in the proprietary fund types. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code Federeal Regulations, Part 200, Unifirm Admisniatrtive Requirements, Cost Principles, and Audit Requirements of Federal Awards, and the Florida Single Audit Act, wherien certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity numbers are presented where avaialeble.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by grantor agency as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability for the School. In the opinion of management, all gran expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.