Notes to SEFA
Title: Basis of presentation
Accounting Policies: See Form
De Minimis Rate Used: Y
Rate Explanation: See Notes
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activity of RISE Prep Mayoral Academy, 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 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 assets or cash flows for the
School.
Title: Summary of significant accounting policies
Accounting Policies: See Form
De Minimis Rate Used: Y
Rate Explanation: See Notes
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.
- Pass-through entity identifying numbers are presented where available.
Title: Indirect cost rate
Accounting Policies: See Form
De Minimis Rate Used: Y
Rate Explanation: See Notes
RISE Prep Mayoral Academy uses the 9.1% indirect cost rate as stated in the Grant Award
Notification provided by The Rhode Island Department of Elementary and Secondary Education.