Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. There are no subrecipient expenditures.
De Minimis Rate Used: N
Rate Explanation: KIPP DC does not seek indirect reimbursement on their federal awards.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of KIPP DC under programs of the federal government for the year ended June 30, 2024. The information in the 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 KIPP DC, it is not intended to and does not present the statements of financial position, changes in net assets or cash flows of KIPP DC.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. There are no subrecipient expenditures.
De Minimis Rate Used: N
Rate Explanation: KIPP DC does not seek indirect reimbursement on their federal awards.
Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. There are no subrecipient expenditures.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. There are no subrecipient expenditures.
De Minimis Rate Used: N
Rate Explanation: KIPP DC does not seek indirect reimbursement on their federal awards.
KIPP DC did not elect to use the 10% de minimis cost rate as covered in §200.414 indirect (F&A) costs.
Title: Reconciliation
Accounting Policies: Expenditures reported on the Schedule are reported on accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. There are no subrecipient expenditures.
De Minimis Rate Used: N
Rate Explanation: KIPP DC does not seek indirect reimbursement on their federal awards.
The accompanying schedule of expenditures of federal awards is reconciled to the statement of activities for the year ended June 30, 2024, of KIPP DC as follows: See the actual report for the reconcilation.