Notes to SEFA
Title: Basis of Presentation
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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: RePublic Schools, Inc. is reimbursed for actual costs incurred and does not apply an indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of RePublic Schools, Inc. 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 the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of RePublic Schools, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of RePublic Schools, Inc.
Title: Non-Cash Assistance - Food Commodities
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 OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: RePublic Schools, Inc. is reimbursed for actual costs incurred and does not apply an indirect cost rate.
Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities received and disbursed. During the year ended June 30, 2024 the School received and disbursed commodities amounting to $105,087.