Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA 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.
The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: n/a
The accompanying schedule of expenditures of federal awards (the “SEFA”) includes the federal grant
activity of Odyssey 2020 Academy, Inc. dba Robert A. Mosbacher, Sr. Odyssey Academy (the
Academy”) under programs of the federal government for the year ended June 30, 2023. The
information in the SEFA 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 SEFA presents only a selected
portion of the operations of the Academy, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of the Academy.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA 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.
The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: n/a
Expenditures reported on the SEFA 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.
The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 to the financial statements.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA 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.
The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: n/a
The Academy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: NOTE 4 –CONTINGENCIES
Accounting Policies: Expenditures reported on the SEFA 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.
The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of
accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: n/a
Federal grants received by the Academy are subject to review and audit by grantor agencies. The
Academy’s management believes that the results of such audits will not have a material effect on the
SEFA.