Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
1. Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Exalt Academy of Southwest Little Rock (the Charter School) 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Charter School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Charter School.
Title: Medicaid
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
2. During the year ended June 30, 2023, the Charter School received Medicaid funding of $237,482 from the State Department of Human Services. Such payments are not considered Federal awards expended and therefore are not included in the above schedule.
Title: Summary of Significant Acccounting Policies
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
3. Summary of Significant 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 Uniform Administrative Requirements, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.