Notes to SEFA
Title: Note 1—Basis of presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported 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.
De Minimis Rate Used: N
Rate Explanation: Concept has elected not to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Horizon Science Academy - McKinley Park Charter School, Horizon Science Academy - Belmont Charter School, and Horizon Science Academy - Southwest Charter School, all of which are subsidiaries of Concept Schools, Inc. (collectively, Concept) for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of the 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 Concept, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Concept.
Title: Note 4—Nonmonetary assistance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported 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.
De Minimis Rate Used: N
Rate Explanation: Concept has elected not to use the 10% de minimis cost rate.
Noncash assistance expended by Concept totaled $34,792 for commodities passed through the Illinois State Board of Education for the year ended June 30, 2024.
Title: Note 5—Insurance and loans or loan guarantees
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported 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.
De Minimis Rate Used: N
Rate Explanation: Concept has elected not to use the 10% de minimis cost rate.
During the year ended June 30, 2024, Concept did not pay for any insurance coverage with federal funds and there were no loans, loan guarantees, or other federal assistance for the purpose of administering federal programs.