Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
The accompanying schedule of expenditures of federal awards (the Schedule) includes federal grant
activities of the Charter 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 operation of the Charter , they are not intended to and do not present the financial position,
changes in net assets, and cash flows of the Charter .
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain
types of expenditures are not allowable or are limited as to reimbursement.
Title: RELATIONSHIP TO FINANCIAL REPORT SUBMITTED TO GRANTOR
AGENCIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
Amounts reflected in the financial reports filed with grantor agencies for the programs and the
supplementary schedules may not agree because of accruals which will be included in the next report filed
with the agencies, matching requirements not included in the Schedules and different program year ends.
Title: ELECTION TO USE 10% DE MINIMIS INDIRECT COST RATE
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
The charter school has elected not to use the 10% de minims indirect cost rate allowed under uniform
guidance.
Title: COMMITMENTS AND CONTINGENCIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
Federal grants received by the Charter are subject to review and audit by grantor agencies. The Charter ’s
management believes that the results of such audits will not have a material effect on the Schedule.