Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: ACCURAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect rate as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule ) includes the federal award activity of Marcana Enterprises, Inc. dba Children's Kingdom Learning Center under programs of the federal government for the year ended December 31, 2023. 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 Maracana Enterprises, Inc. dba Children's Kingdom Leaming Center, it is not intended to and does not present the the financial position, changes in net assets, or cash flows ofMarcana Enterprises, Inc., dba Children's Kingdom Learning Center
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: ACCURAL BASIS OF ACCOUNTING
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect rate as allowed under the Uniform Guidance
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Unifonn Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Marcana Enterprises, Inc. dba Children's Kingdom Leaming Center has not elected to use the 10% de minimis indirect rate as allowed under the Uniform Guidance. Federal Expenditures $1.091,609 Less: Paycheck Protection Program loan (127,365), Total Grant and program revenues per financial statements $1,854,244.