Notes to SEFA
Title: Basis of presentation
Accounting Policies: The expenditure threshold for classification as a Type A program is $750,000.
For purposes of the Schedule, expenditures for federal programs are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Academy did not receive or expend any federal awards during fiscal year 2024 in the form of non-cash assistance or provide any funds to subrecipients.
The Academy has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") summarizes the expenditures of Columbia Academy, Inc. (the "Academy") under federal programs for the year ended May 31, 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 the Academy, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of the Academy.
Title: Summary of significant accounting policies
Accounting Policies: The expenditure threshold for classification as a Type A program is $750,000.
For purposes of the Schedule, expenditures for federal programs are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Academy did not receive or expend any federal awards during fiscal year 2024 in the form of non-cash assistance or provide any funds to subrecipients.
The Academy has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Academy has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The expenditure threshold for classification as a Type A program is $750,000.
For purposes of the Schedule, expenditures for federal programs are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Academy did not receive or expend any federal awards during fiscal year 2024 in the form of non-cash assistance or provide any funds to subrecipients.
The Academy has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.