Notes to SEFA
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Horizon Science Academy Columbus Middle School (the Academy) under programs of
the federal government for the year ended June 30, 2023. The information on this Schedule is
prepared 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
Academy, it is not intended to and does not present the financial position, changes in net
position, or cash flows of the Academy.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the cash basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance wherein
certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
NOTE C – INDIRECT COST RATE
The Academy has elected not to use the 10-percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
NOTE D - CHILD NUTRITION CLUSTER
The Academy commingles cash receipts from the U.S. Department of Agriculture with similar State
grants. When reporting expenditures on this Schedule, the Academy assumes it expends federal monies
first.
NOTE E - TRANSFERS
The following amounts were transferred to the Schoolwide Building Program Fund based on ODE
administrative action and transferability guidelines during fiscal year 2023:
SCHOOLWIDE POOL
Fund CFDA Transfer In Transfer Out
Schoolwide Building Program Fund N/A $302,566
Title I Grants to Local Education Agencies 84.010 198,269
Special Education - Grants to States 84.027 54,495
Student Support and Academic Enrichment 84.424 14,774
English Language Acquisition State Grants 84.365 16,937 Improving Teacher
Quality State Grants 84.367 18,091
Total Schoolwide Pool 302,566 302,566
De Minimis Rate Used: N
Rate Explanation: N/A