Notes to SEFA
Title: Note 2
Accounting Policies: This schedule includes the federal awards activity of the Foundation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirments, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements. The Foundation did not electe to use the 10% deminimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
Medicaid reimbursements are defined as contracts for services and not federal awards, therefore, such reimbursements totaling $655,373 are not covered by the reporting requirements of the Uniform Guidance.
Title: Note 3
Accounting Policies: This schedule includes the federal awards activity of the Foundation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirments, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements. The Foundation did not electe to use the 10% deminimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The Foundation received approval from the Arkansas Department of Education to transfer $130,992 of Title II, Part A - Improving Teacher Quality funds and $70,954 of Title IV, Part A - Student Support and Academic Enrichment funds to Title I, Part A - Grants to Local Education Agencies.