Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement period.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the grant expenditures of The University of Chicago Charter School Corporation (the Corporation) for the year ended June 30, 2024. The information in the 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to, and it does not, present the financial position, changes in net assets, or cash flows of the Corporation.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
Accounting Policies: Expenditures reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement period.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement period. The Corporation has not elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement period.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
See the Note 3 to the SEFA for the table.