Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards is presented using the modified accrual basis of accounting for all awards charged to governmental funds. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted using a different basis of accounting. Federal awards expenditures are reported on the Statement of Activities as part of the expenses of each program. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule of Federal Awards due to program expenditures exceeding grant or contract budget limitations which are not included as Federal Awards.
De Minimis Rate Used: N
Rate Explanation: None
The accompanying Schedule of Expenditures of Federal Awards presents the activities in all the federal financial assistance programs of Arts Academy Elementary Charter School for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the requirements of the 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 Arts Academy Elementary Charter School, it is not intended to and does not present the financial position, changes in nets assets, or cash flows of Arts Academy Elementary Charter School
Title: Note 2 - Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards is presented using the modified accrual basis of accounting for all awards charged to governmental funds. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted using a different basis of accounting. Federal awards expenditures are reported on the Statement of Activities as part of the expenses of each program. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule of Federal Awards due to program expenditures exceeding grant or contract budget limitations which are not included as Federal Awards.
De Minimis Rate Used: N
Rate Explanation: None
The accompanying Schedule of Expenditures of Federal awards is presented using the modified accrual basis of accounting for all awards charged to governmental funds. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted using a different basis of accounting. Federal awards expenditures are reported on the Statement of Activities as part of the expenses of each program. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule of Federal Awards due to program expenditures exceeding grant or contract budget limitations which are not included as Federal Awards.
Title: Note 3 - Organization and Scope
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards is presented using the modified accrual basis of accounting for all awards charged to governmental funds. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted using a different basis of accounting. Federal awards expenditures are reported on the Statement of Activities as part of the expenses of each program. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule of Federal Awards due to program expenditures exceeding grant or contract budget limitations which are not included as Federal Awards.
De Minimis Rate Used: N
Rate Explanation: None
The school recognized 20.67% of its total general fund revenue in federal awards.
Title: Note 4 - Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards is presented using the modified accrual basis of accounting for all awards charged to governmental funds. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted using a different basis of accounting. Federal awards expenditures are reported on the Statement of Activities as part of the expenses of each program. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule of Federal Awards due to program expenditures exceeding grant or contract budget limitations which are not included as Federal Awards.
De Minimis Rate Used: N
Rate Explanation: None
Arts Academy Elementary Charter School did not elect to use the 10% de minimis indirect cost rate.
Title: Note 5 - Individual Program Disclosures
Accounting Policies: The accompanying Schedule of Expenditures of Federal awards is presented using the modified accrual basis of accounting for all awards charged to governmental funds. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted using a different basis of accounting. Federal awards expenditures are reported on the Statement of Activities as part of the expenses of each program. In certain programs, the expenditures reported in the basic financial statements may differ from the expenditures reported in the Schedule of Federal Awards due to program expenditures exceeding grant or contract budget limitations which are not included as Federal Awards.
De Minimis Rate Used: N
Rate Explanation: None
The federal awards passed through the Carbon Lehigh Intermediate Unit, Under the U.S. Department of Education heading, is part of a consortium of participating school districts. In accordance with directions from the Commonwealth of Pennsylvania Department of Education, these awards are reported on the basic financial statements as local source revenue