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.
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.
De Minimis Rate Used: N
Rate Explanation: Expenses are allocated to program related and administrative functions. Most expenses are allocated directly to the program or support services benefited. Certain expenses are allocated on a percentage basis.
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activities of
Hawai‘i Academy of Arts and Science Public Charter School 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 Hawai‘i Academy of Arts and Science Public Charter School, it is not intended
to and does not present the financial position, change in net position, or cash flows of Hawai‘i Academy of
Arts and Science Public Charter School.
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.
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.
De Minimis Rate Used: N
Rate Explanation: Expenses are allocated to program related and administrative functions. Most expenses are allocated directly to the program or support services benefited. Certain expenses are allocated on a percentage basis.
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 the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
Indirect Cost Rate: The School has elected not to use the 10% de minimis cost rate.
Title: Note C. NONCASH ASSISTANCE
Accounting Policies: 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 the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Expenses are allocated to program related and administrative functions. Most expenses are allocated directly to the program or support services benefited. Certain expenses are allocated on a percentage basis.
The value of the Federal awards expended in the form of noncash food commodities is valued at the time
of receipt at fair market value of $27,052.
Title: Note D. SUBRECIPIENT PASS THROUGH AWARDS
Accounting Policies: 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 the Uniform Guidance wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Expenses are allocated to program related and administrative functions. Most expenses are allocated directly to the program or support services benefited. Certain expenses are allocated on a percentage basis.
No Federal awards were passed through to subrecipients.