Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in the
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments
or credits made in the normal course of business to amounts reported as expenditures in
prior years.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Sage Collegiate Public Charter School (the School) 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 (the Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of the School, it is not intended to, and
does not, present the financial position or changes in net position of the School.