Notes to SEFA
Title: Notes to the Schedule of Expenditures of Federal Awards (SEFA)
Accounting Policies: The Schedule of Federal Awards includes the federal awards activity of Southern Avenue Charter Elementary School of Academic Excellence & Creative Arts under the program of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulains Part 200, Unifrrm Adminisrrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Summary of Significant Accounting Policies is that the expenditures are reported on the Schedule are on the accrual basis accounting. Such expenditures are recognixed following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represnts adjustments or credits made in the normal course of business to amoounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimis cost rate.
The Schedule of Federal Awards includes the federal awards activity of Southern Avenue Charter Elementary School of Academic Excellence & Creative Arts under the program of the federal government for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulains Part 200, Unifrrm Adminisrrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Summary of Significant Accounting Policies is that the expenditures are reported on the Schedule are on the accrual basis accounting. Such expenditures are recognixed following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represnts adjustments or credits made in the normal course of business to amoounts reported as expenditures in prior years.