Notes to SEFA
Title: Reconciliation of Accrued Revenue Amounts per the Schedule of Federal Awards to the Statement of Net Position
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At June 30, 2023, and at, June 30, 2022, Federal subsidies receivable were $1,193,438 and $1,362,359 respectively. Included in deferred revenue was $(93,199) for June 30, 2023 and $(319,646), for June 30, 2022.The total Accrued Revenue for June 30th, 2023 and 2022 were $1,100,239 and $1,042,713.
Title: Clustered Programs
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In accordance with 2 CFR Section 200.518 of the Uniform Guidance, certain programs have been clustered in determining major programs. The following represents the clustered programs. For Child nutrition are School Brekfast Program (10.553) and National Lunch Prgram (10.555). For Special Education Cluster it is IDEA Part B - Special Education Grants to States (84.027).