Notes to SEFA
Title: NOTE A – 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, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kingsman Academy did not request reimbursement of any indirect costs for federal grants; and therefore, no indirect cost rate was utilized.
he accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of Kingsman Academy Public Charter School under programs of the federal government for the year ended June 30, 2023. 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 Kingsman Academy Public Charter School, it is not intended to and does not present the financial position, changes in the net assets, or cash flows of Kingsman Academy Public Charter School.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kingsman Academy did not request reimbursement of any indirect costs for federal grants; and therefore, no indirect cost rate was utilized.
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, wherein certain types of expenses are not allowable or are limited as to reimbursement.
Title: NOTE C – INDIRECT COST RATE
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, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Kingsman Academy did not request reimbursement of any indirect costs for federal grants; and therefore, no indirect cost rate was utilized.
Kingsman Academy Public Charter School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.