Notes to SEFA
Title: Note 1. Reporting Entity
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 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 did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance nor did it charge any indirect costs to a Federal program.
Catalyst Schools (the School), an Illinois nonprofit corporation, was incorporated on November 3, 2005.
The School’s mission is to partner with urban communities to offer college-preparatory K-12 education.
Each child is given a rigorous academic program suited to his or her needs. In addition, the School helps
each child develop positive character traits that will help him or her be an asset and change agent in the
community. The School’s goal is to provide a quality educational choice to families who experience the
effects of economic difficulty and who have not been adequately served by existing educational
institutions so their children will ultimately graduate from college. To date, the School has two campus
locations.
Title: Note 2. 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 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 did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance nor did it charge any indirect costs to a Federal program.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of the School under programs of the federal government for the year ended June 30, 2023. 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 School, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of the School.
Title: Note 5. 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 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 did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance nor did it charge any indirect costs to a Federal program.
No funds were identified as having been provided to subrecipients by the School under the meaning of
the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to
subrecipient entities as required under the Uniform Guidance.
Title: Note 6. Noncash Amounts and Loans
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 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 did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance nor did it charge any indirect costs to a Federal program.
For the year ended June 30, 2023, the School received $148,074 of noncash assistance in the form of
food commodities that is included under the Department of Agriculture passed through the Illinois State
Board of Education (ALN 10.555). There were no federal awards expended for insurance of any loans or
loan guarantees outstanding at June 30, 2023.