Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of fe deral awards (Schedule) presents the activity of all applicable fed eralaward programs of Heritage Academy Charter Schools, Inc. The information in this Schedule is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requ irements, CostPrinciples, and Audit Requirements/or Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and doesnot present the financial position, changes in net assets or cash flows of the Corporation.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles in Uniform Guidance, or the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.