Notes to SEFA
Title: Insurance, loans, or loan guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Great Lakes Academy Inc. and is presented on the accrual basis of accounting. The information in this 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
There were no insurance, loans, or loan guarantees outstanding as of and for the year ended June 30, 2022.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Great Lakes Academy Inc. and is presented on the accrual basis of accounting. The information in this 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
There were no amounts provided to subrecipients from any federal program during the yearended June 30, 2022.
Title: Federal awards for endowment funds
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Great Lakes Academy Inc. and is presented on the accrual basis of accounting. The information in this 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
There were no federal awards for endowment funds that are federally restricted at year-end.
Title: Value of non-cash commodities
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Great Lakes Academy Inc. and is presented on the accrual basis of accounting. The information in this 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.
There were no non-cash commodities expended by Great Lakes Academy Inc. during the yearended June 30, 2022.