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 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and
fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits,
depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of the Foundation under programs of the federal government for the year
ended June 30, 2023. 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). Because the Schedule presents only a selected portion of the operations of the
Foundation, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the Foundation.
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 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and
fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits,
depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as
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 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.
Title: Note 3 - Credit Enhancement for Charter School Facilities Program:
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 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and
fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits,
depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.
Funds shown as federal expenditures under the program are the original federal funds drawn
plus interest and fees earned. Funds totaling $4,587,824 are being held in accounts with
financial institutions in accordance with the program requirements and the remaining amount
of $3,375,000 has been loaned and is outstanding as of June 30, 2023. A portion of these funds
were also used to guarantee certain third party loans. No funds were expended for obligations
secured or collateralized in accordance with the program in the fiscal year ended June 30, 2023.
Interest earned on the funds through June 30, 2023 totaled $1,156,933 and remained with grant
funds to be expended.
Title: Note 4 - Subrecipients:
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 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and
fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits,
depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, the Foundation provided federal awards
to subrecipients under the following program:
Supporting Effective Educator Development Grant Program 84.423A $ 170,446
Title: Note 5 - Indirect Cost:
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 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.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and
fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits,
depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.
The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and
fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits,
depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.