Notes to SEFA
Title: Two
Accounting Policies: For all Federal programs, the Charter Holder uses the funds specified by the Texas Education Agency in the Special Supplement to Financial Accounting and Reporting, Nonprofit Charter School Chart of Accounts. Restricted funds (funds with donor restrictions) are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in funds with donor restrictions.
De Minimis Rate Used: N
Rate Explanation: The Charter Holder has elected not to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements.
Title: Three
Accounting Policies: For all Federal programs, the Charter Holder uses the funds specified by the Texas Education Agency in the Special Supplement to Financial Accounting and Reporting, Nonprofit Charter School Chart of Accounts. Restricted funds (funds with donor restrictions) are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in funds with donor restrictions.
De Minimis Rate Used: N
Rate Explanation: The Charter Holder has elected not to use the 10% de minimis indirect cost rate.
Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant.
Title: Four
Accounting Policies: For all Federal programs, the Charter Holder uses the funds specified by the Texas Education Agency in the Special Supplement to Financial Accounting and Reporting, Nonprofit Charter School Chart of Accounts. Restricted funds (funds with donor restrictions) are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in funds with donor restrictions.
De Minimis Rate Used: N
Rate Explanation: The Charter Holder has elected not to use the 10% de minimis indirect cost rate.
The period of availability for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the ending date of the federal project period extended 30 days beyond the federal project period ending date, in accordance with provisions in Section H, Period of Availability of Federal Funds, Part 3, the Uniform Guidance.
Title: Five
Accounting Policies: For all Federal programs, the Charter Holder uses the funds specified by the Texas Education Agency in the Special Supplement to Financial Accounting and Reporting, Nonprofit Charter School Chart of Accounts. Restricted funds (funds with donor restrictions) are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in funds with donor restrictions.
De Minimis Rate Used: N
Rate Explanation: The Charter Holder has elected not to use the 10% de minimis indirect cost rate.
Expenditures of federal awards are reported in the Charter Holder’s financial statements as follows: See the Notes to the SEFA for table.