Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in 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: Monument Academy PCS does not seek reimbursement for indirect costs from federal grants, and there is no calculation as part of the application process.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the
federal grant activity of 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 Requirement for Federal Awards
(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of
the School, it is not intended and does not present the financial position, changes in net assets, or cash
flows of the School.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in 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: Monument Academy PCS does not seek reimbursement for indirect costs from federal grants, and there is no calculation as part of the application process.
Expenditures reported in 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: INDIRECT COST RATE
Accounting Policies: Expenditures reported in 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: Monument Academy PCS does not seek reimbursement for indirect costs from federal grants, and there is no calculation as part of the application process.
The School has elected not to use the 10 percent de minimis indirect cost rate
allowed under the Uniform Guidance.