Notes to SEFA
Title: 1 Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost princiles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were allocated to the programs.
The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of Lincoln Charter School, Inc. under the programs of the federal government and the State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance withthe requirements of Title 2 US Code of Federal Regualtions Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of Lincoln Charter School, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of Lincoln Charter School, Inc.
Title: 2 Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost princiles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were allocated to the programs.
Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost princiles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: 3 Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost princiles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were allocated to the programs.
Lincoln Charter School, Inc. has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 4 USDA Loans
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost princiles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs were allocated to the programs.
The amount of federal awards expended for the year under CFDA number 10.766 includes loan advances expended by the blended component unit, The Foundation for Education, Inc. during prior years. See notes to the SEFSA for chart/table.