Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. There are no subrecipient expenditures.
De Minimis Rate Used: N
Rate Explanation: The School did not elect to use the 10% de minimis cost rate as covered in ?200.414 indirect (F&A) costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Euphemia L. Haynes Public Charter School, Inc.s (the School) programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented 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). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements.
Title: Reconciliation
Accounting Policies: Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. There are no subrecipient expenditures.
De Minimis Rate Used: N
Rate Explanation: The School did not elect to use the 10% de minimis cost rate as covered in ?200.414 indirect (F&A) costs.
The accompanying schedule of expenditures of federal awards is reconciled to the statement of activities for the year ended June 30, 2022, of the School as follows: See the actual audit report for the reconciliation.