Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Inspire Academics, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: (2) Inspire Academics, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Inspire Academics, 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 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 Inspire Academics,
Inc., it is not intended to and does not present the financial position, changes in net assets, or
cash flows of Inspire Academics, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Inspire Academics, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: (2) Inspire Academics, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
(1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Inspire Academics, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
Title: Sub-Recipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Inspire Academics, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: (2) Inspire Academics, Inc. has elected not to use the 10 percent de minimis indirect cost rate
as allowed under the Uniform Guidance.
There were no awards passed through to sub-recipients.