Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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 expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of University of Cleveland Preparatory School, Cuyahoga County, Ohio (the School) under programs of the federal government for the year ended June 30, 2022. The information on this Schedule is prepared 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 the School, it is not intended to and does not present the financial position, changes in net position, or cash flows of the School.
Title: NOTE C - TRANSFER BETWEEN PROGRAMS
Accounting Policies: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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 expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The School transferred the following funds between programs in fiscal year 2022:AL Number / Grant TitleGrant YearTransfer OutTransfer In84.424A Title IV-A Student Support and Academic Enrichment2022 $36,740 84.010 Title I2022 $36,740 $36,740 $36,740 The amount transferred to Title I is included in Title I program expenditures when disbursed.
Title: NOTE D - CHILD NUTRITION CLUSTER
Accounting Policies: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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 expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The School commingles cash receipts from the U.S. Department of Agriculture with similar State Grants. When reporting expenditures on this Schedule, the School assumes it expends federal monies first.
Title: NOTE E - TRANSFERS
Accounting Policies: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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 expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The School generally must spend Federal assistance within 15 months of receipt. However, with Ohio Department of Education (ODE) approval, an School can transfer (carryover) unspent Federal assistance to the succeeding year, thus allowing the School a total of 27 months to spend the assistance. During fiscal year 2022, the ODE authorized the following transfers:AL Number / Grant TitleGrant YearTransfer OutTransfer In84.010A Title I2021 $117,792 84.010A Title I2022 $117,792 84.010A Title I - School Improvement2021 55,269 84.010A Title I - School Improvement2022 55,269 84.367A Title II-A Improving Teacher Quality2021 71,450 84.367A Title II-A Improving Teacher Quality2022 71,450 84.027A IDEA Part B2021 1,093 84.027A IDEA Part B2022 1,093 84.424A Title IV-A Student Support and Academic Enrichment2021 14,530 84.424A Title IV-A Student Support and Academic Enrichment2022 14,530 $260,134 $260,134