Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Central City Cyberschool of Milwaukee, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal and state awards (the Schedule) includes the federal and state award activity of Central City Cyberschool of Milwaukee, Inc. under programs of the federal and state government for the year ended July 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) and the State Single Audit Guidelines. Because the Schedule presents only a selected portion of the operations of Central City Cyberschool of Milwaukee, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Central City Cyberschool of Milwaukee, Inc.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Central City Cyberschool of Milwaukee, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The donated food commodities received during the year ended July 31, 2024, are included in the federal expenditures and are valued by the federal agency.