Title: NOTE - 1 BASIS OF PRESENTATION
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal programs of KIPP Miami, Inc. (the Organization) for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. 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: NOTE – 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE – 3 CONTINGENCIES
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Grant monies received and disbursed by the Organization are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based on prior experience, the Organization does not believe that such disallowances, if any, would have a material effect on the financial position of the Organization. As of June 30, 2023, management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
Title: NOTE – 4 SUBRECIPIENTS
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Organization records expenditures of federal programs when paid in cash to a pass through entity. For the year ended June 30, 2023, the Organization did not passthrough any funds to subrecipients as reflected in the Schedule.
Title: NOTE – 5 COVID UNCERTAINTY
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The effect of the COVID-19 virus has been felt worldwide and has caused disruption in financial markets. Government put in place certain programs to benefit businesses during these difficult times. The Organization obtained $1,934,863 through the Florida Department of Education under the COVID-19 Education Stabilization Fund ALN 84.425. The Organization used these funds for payroll costs and other qualifying expenses under the program. At this point, the Organization cannot reasonably estimate the extent to which COVID-19 may continue to impact the Organization’s programs in the future.
Title: NOTE – 6 SUBSEQUENT EVENTS
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Subsequent events have been evaluated through March 26, 2024, which is the date the financial statements were available to be issued. There were no events of this nature requiring recording or disclosure in the Schedule for the year ended June 30, 2023.