Notes to SEFA
Title: 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Alternative Schools Network has elected not to use the 10% indirect cost rate allowed under the uniform guidance. Alternative Schools Network uses an indirect cost rate based on a State of Illinois Formula.
Of the federal and State expenditures presented in the schedule, Alternative Schools Network provided federal awards to subrecipients
Title: Loans Outstanding
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Alternative Schools Network has elected not to use the 10% indirect cost rate allowed under the uniform guidance. Alternative Schools Network uses an indirect cost rate based on a State of Illinois Formula.
Alternative Schools Network had no loan balance outstanding at June 30, 2022
Title: Insurance
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Alternative Schools Network has elected not to use the 10% indirect cost rate allowed under the uniform guidance. Alternative Schools Network uses an indirect cost rate based on a State of Illinois Formula.
Alternative Schools Network had insurance expense totaling $ 26,358 at June 30, 2022.
Title: Non-Cash Assistance
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Alternative Schools Network has elected not to use the 10% indirect cost rate allowed under the uniform guidance. Alternative Schools Network uses an indirect cost rate based on a State of Illinois Formula.
Alternative Schools Network had no non-cash assistance for the year ended June 30, 2022.