Notes to SEFA
Title: Loan
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMBs Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
During the year ended June 30, 2022, the Organization was granted a loan in the amount of $350,000 from the Small Business Administration pursuant to the Economic Injury Disaster Loan program (EIDL). There were no repayments made by the Organization during the year and the entire balance is outstanding at year end.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMBs Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Center for Educational Innovation, Inc. (the Organization) under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Sub-Recipients
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards are presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMBs Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Under federal cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
There were no amounts provided to sub-recipients from federal awards received during the year ended June 30, 2022.