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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimus cost rate.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the
Betty Shabazz International Charter School (“BSICS”) 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 BSICS, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of BSICS.
Title: INSURANCE
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimus cost rate.
Insurance coverage for the year ended June 30, 2024 was as follows:
Umbrella $10,000,000
Property and liability $1,000,000
Directors and officers $2,000,000
Workers’ compensation $500,000 limit per employee
There were no federal funds expended for insurance during the year ended June 30, 2024.
Title: NON‐CASH ASSISTANCE
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimus cost rate.
The Organization received non‐cash commodities totaling $26,632 during the year ending June 30, 2024.
Title: SUBRECIPIENTS
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimus cost rate.
There were no subrecipients during the year ended June 30, 2024.
Title: FEDERAL AWARDS IN THE FORM OF LOANS/ LOAN GUARANTEES/ INTEREST SUBSIDIES
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: The Organization elected not to use the 10% de minimus cost rate.
There were no federal awards expended in the form of loans, loan guarantees, or interest subsidies at June 30, 2024.