Notes to SEFA
Title: General
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Organization has met the qualifications for respective grants.
Accrued Reimbursement: Various reimbursement procedures are sued for federal awards recieved by the Organization. Consequently, timing differences between expenditures and program reimbursements may exist at the beginning and end of the year. Any accrued balances at year-end represent an excess of reimbursable expenditures over reimbursements received.
De Minimis Rate Used: N
Rate Explanation: The Organization utilized preapproved indirect cost rate of approximately 8% on Teacher and School Leader Incentive Program. The Organization did not record any other expenditures related to indirect cost rate calculations nor any 10% de minimis cost rate calculations in its schedule of expenditures of federal awards as there were no indirect cost rates utilitized as part of the federal grant activity.
The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of the federal awards of Community Academies of New Orleans, Inc. (the Organization). The Organization's reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2024. All federal awards received from federal agencies are included on the schedule.
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Organization has met the qualifications for respective grants.
Accrued Reimbursement: Various reimbursement procedures are sued for federal awards recieved by the Organization. Consequently, timing differences between expenditures and program reimbursements may exist at the beginning and end of the year. Any accrued balances at year-end represent an excess of reimbursable expenditures over reimbursements received.
De Minimis Rate Used: N
Rate Explanation: The Organization utilized preapproved indirect cost rate of approximately 8% on Teacher and School Leader Incentive Program. The Organization did not record any other expenditures related to indirect cost rate calculations nor any 10% de minimis cost rate calculations in its schedule of expenditures of federal awards as there were no indirect cost rates utilitized as part of the federal grant activity.
Basis of Presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Organization has met the qualifications for respective grants. Accrued Reimbursement: Various reimbursement procedures are sued for federal awards recieved by the Organization. Consequently, timing differences between expenditures and program reimbursements may exist at the beginning and end of the year. Any accrued balances at year-end represent an excess of reimbursable expenditures over reimbursements received.
Title: Indirect Cost Rates
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Organization has met the qualifications for respective grants.
Accrued Reimbursement: Various reimbursement procedures are sued for federal awards recieved by the Organization. Consequently, timing differences between expenditures and program reimbursements may exist at the beginning and end of the year. Any accrued balances at year-end represent an excess of reimbursable expenditures over reimbursements received.
De Minimis Rate Used: N
Rate Explanation: The Organization utilized preapproved indirect cost rate of approximately 8% on Teacher and School Leader Incentive Program. The Organization did not record any other expenditures related to indirect cost rate calculations nor any 10% de minimis cost rate calculations in its schedule of expenditures of federal awards as there were no indirect cost rates utilitized as part of the federal grant activity.
The Organization utilized preapproved indirect cost rate of approximately 8% on Teacher and School Leader Incentive Program. The Organization did not record any other expenditures related to indirect cost rate calculations nor any 10% de minimis cost rate calculations in its schedule of expenditures of federal awards as there were no indirect cost rates utilitized as part of the federal grant activity.
Title: Program Income
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Organization and is presented on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the Organization has met the qualifications for respective grants.
Accrued Reimbursement: Various reimbursement procedures are sued for federal awards recieved by the Organization. Consequently, timing differences between expenditures and program reimbursements may exist at the beginning and end of the year. Any accrued balances at year-end represent an excess of reimbursable expenditures over reimbursements received.
De Minimis Rate Used: N
Rate Explanation: The Organization utilized preapproved indirect cost rate of approximately 8% on Teacher and School Leader Incentive Program. The Organization did not record any other expenditures related to indirect cost rate calculations nor any 10% de minimis cost rate calculations in its schedule of expenditures of federal awards as there were no indirect cost rates utilitized as part of the federal grant activity.
Program income related to income from meals totating $1,183 is included in Federal School Lunch Program on the statement of activities and changes in net assets.