Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
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.
De Minimis Rate Used: N
Rate Explanation: The Academy has not elected to use the 10-percent 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 Ohio Virtual Academy (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.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
De Minimis Rate Used: N
Rate Explanation: The Academy has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
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.
Title: NOTE C – INDIRECT COST RATE
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.
De Minimis Rate Used: N
Rate Explanation: The Academy has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Academy has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: NOTE D – SCHOOLWIDE POOL
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.
De Minimis Rate Used: N
Rate Explanation: The Academy has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Academy consolidated certain federal, state and local funds into a Schoolwide Pool during fiscal year
2023. The amounts allocated from these funds and transferred to the Schoolwide Pool are as follows: