Notes to SEFA
Title: Note 1. 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 are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Of the federal expenditures presented in the Schedule, none were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The School did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of Legacy Traditional School – Maricopa (the “School”) under programs of the federal government for
the year ended June 30, 2023. 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”). 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 assets, or cash flows of the School.
Title: Note 2. Summary of Significant Accounting Policies
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 are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Of the federal expenditures presented in the Schedule, none were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The School did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
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 are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Of the federal expenditures presented in the Schedule, none were provided to subrecipients.
Title: Note 3. Indirect Cost Rate
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 are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Of the federal expenditures presented in the Schedule, none were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The School did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The School did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4. Federal Loan 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 are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Of the federal expenditures presented in the Schedule, none were provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The School did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The School did not have any federal loan programs during the year ended June 30, 2023.