Notes to SEFA
Title: Note A. BASIS OF PRESENTATION
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting, and are recognized following the cost principles contained in Uniform Guidance as applicable. The amounts reported on the face of the SEFA are the beginning of the audit period balance of outstanding loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: All direct costs of providing the various activities have been applied to the award.
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activities
of Innovations Public Charter School (IPCS) Foundation (the Organization) under programs of the
Federal government for the year ended June 30, 2024.
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 Organization, it is not intended to and does not present the
financial position, change in net assets, or cash flows of the Organization.
Title: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting, and are recognized following the cost principles contained in Uniform Guidance as applicable. The amounts reported on the face of the SEFA are the beginning of the audit period balance of outstanding loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: All direct costs of providing the various activities have been applied to the award.
Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in Uniform
Guidance as applicable, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Indirect Cost Rate: The Organization has not elected to use the 10% de minimis rate.
Title: Note C. SUBRECIPIENT PASS THROUGH AWARDS
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting, and are recognized following the cost principles contained in Uniform Guidance as applicable. The amounts reported on the face of the SEFA are the beginning of the audit period balance of outstanding loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: All direct costs of providing the various activities have been applied to the award.
No Federal awards were passed through to subrecipients.
Title: Note D. SUMMARY OF USDA LOAN ACTIVITY
Accounting Policies: Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting, and are recognized following the cost principles contained in Uniform Guidance as applicable. The amounts reported on the face of the SEFA are the beginning of the audit period balance of outstanding loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: All direct costs of providing the various activities have been applied to the award.
See the Notes to the SEFA for chart/table