Title: NOTE 2: RELATIONSHIP OF THE SCHEDULE TO PROGRAM FINANCIAL STATEMENTS
Accounting Policies: NOTE 1: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Pineapple Cove Classical Academy, Inc. (the “School”). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States, Local Governments, and Non-Profit Organization. Therefore, some amounts presented in this Schedule may presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly with the federal, state government and other pass-through entities. The
School has obtained Assistance Listing Numbers (ALN) to ensure that all programs have been
identified in the Schedule
Note 3: BASIS OF ACCOUNTING
The schedule was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting as expenditures for fixed assets are expensed when incurred rather than capitalized and depreciated over their useful lives.
De Minimis Rate Used: N
Rate Explanation: NOTE 6: INDIRECT COST : The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amounts reflected in the financial reports submitted to the awarding federal, or local state
agency and the Schedule may differ. Some of the factors that may account for any potential
difference include the following:
The School’s fiscal year end may differ from the program’s year end.
• Accruals recognized in the Schedule, because of year end procedures, may not be reported
in the program financial reports until the next program reporting period.
• Capital asset purchases and the resulting depreciation charges are recognized as fixed assets
in the School’s financial statements and as an expenditure in the program financial reports.
Title: NOTE 4: CONTINGENCIES
Accounting Policies: NOTE 1: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Pineapple Cove Classical Academy, Inc. (the “School”). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States, Local Governments, and Non-Profit Organization. Therefore, some amounts presented in this Schedule may presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly with the federal, state government and other pass-through entities. The
School has obtained Assistance Listing Numbers (ALN) to ensure that all programs have been
identified in the Schedule
Note 3: BASIS OF ACCOUNTING
The schedule was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting as expenditures for fixed assets are expensed when incurred rather than capitalized and depreciated over their useful lives.
De Minimis Rate Used: N
Rate Explanation: NOTE 6: INDIRECT COST : The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Grant monies received and disbursed by the School are subject to review by the grantor agencies.
Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon
prior experience, the School does not believe that such disallowance, if any, would have a material
effect on the financial position of the School. As of June 30, 2024, there were no material
questioned or disallowed costs as a result of grant audits in process or completed.
Title: NOTE 5: NONCASH ASSISTANCE
Accounting Policies: NOTE 1: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Pineapple Cove Classical Academy, Inc. (the “School”). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States, Local Governments, and Non-Profit Organization. Therefore, some amounts presented in this Schedule may presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly with the federal, state government and other pass-through entities. The
School has obtained Assistance Listing Numbers (ALN) to ensure that all programs have been
identified in the Schedule
Note 3: BASIS OF ACCOUNTING
The schedule was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting as expenditures for fixed assets are expensed when incurred rather than capitalized and depreciated over their useful lives.
De Minimis Rate Used: N
Rate Explanation: NOTE 6: INDIRECT COST : The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School did not receive any noncash assistance during the fiscal year ended June 30, 2024.
Title: NOTE 7: FEDERALLY FUNDED INSURANCE
Accounting Policies: NOTE 1: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Pineapple Cove Classical Academy, Inc. (the “School”). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States, Local Governments, and Non-Profit Organization. Therefore, some amounts presented in this Schedule may presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly with the federal, state government and other pass-through entities. The
School has obtained Assistance Listing Numbers (ALN) to ensure that all programs have been
identified in the Schedule
Note 3: BASIS OF ACCOUNTING
The schedule was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting as expenditures for fixed assets are expensed when incurred rather than capitalized and depreciated over their useful lives.
De Minimis Rate Used: N
Rate Explanation: NOTE 6: INDIRECT COST : The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School did not receive federally funded insurance during the fiscal year ended June 30, 2024.
Title: NOTE 8: FEDERALLY FUNDED LOANS
Accounting Policies: NOTE 1: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Pineapple Cove Classical Academy, Inc. (the “School”). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, Audits of States, Local Governments, and Non-Profit Organization. Therefore, some amounts presented in this Schedule may presented in, or used in the preparation of the basic financial statements.
For purposes of the Schedule, federal awards include all grants, contracts, and similar agreements
entered into directly with the federal, state government and other pass-through entities. The
School has obtained Assistance Listing Numbers (ALN) to ensure that all programs have been
identified in the Schedule
Note 3: BASIS OF ACCOUNTING
The schedule was prepared on the modified accrual basis of accounting. The modified accrual basis differs from the full accrual basis of accounting as expenditures for fixed assets are expensed when incurred rather than capitalized and depreciated over their useful lives.
De Minimis Rate Used: N
Rate Explanation: NOTE 6: INDIRECT COST : The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School has no federally funded loans as of June 30, 2024. No funds were expended in the form
of loan or loan guarantees during the fiscal year ended June 30, 2024.