Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: The SEFA includes the federal grant activity of the auditee and is presented on the accrual basis of accounting. The information in the SEFA 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 Audits.
De Minimis Rate Used: N
Rate Explanation: Entity utilizes indirect rate per contract/ award.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant
activity of Kanu o ka 'Aina New Century Public Charter School (KANU) and is presented on the accrual
basis of accounting. The information in the 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). Therefore, certain amounts
presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial
statements of KANU.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The SEFA includes the federal grant activity of the auditee and is presented on the accrual basis of accounting. The information in the SEFA 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 Audits.
De Minimis Rate Used: N
Rate Explanation: Entity utilizes indirect rate per contract/ award.
The 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. In addition, agency or
pass-through numbers are presented where available.
Title: NOTE C – INDIRECT COST RATES
Accounting Policies: The SEFA includes the federal grant activity of the auditee and is presented on the accrual basis of accounting. The information in the SEFA 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 Audits.
De Minimis Rate Used: N
Rate Explanation: Entity utilizes indirect rate per contract/ award.
Guidance.