Title: Note 1: GENERAL
Accounting Policies: Note 3: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. The information in this 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
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2: DE MINIMUS INDIRECT COST RATE
The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the revenues from federal awards of Collegiate Academies (the School) (a nonprofit organization) as defined in
Note 2 to the School’s basic combined financial statements for the year ended June 30, 2024. All federal financial assistance received directly from federal agencies is included on the Schedule, as well as federal assistance passed through other government agencies.
Title: Note 4: RECONCILIATION OF FEDERAL GRANT REVENUE TO EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: Note 3: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. The information in this 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
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2: DE MINIMUS INDIRECT COST RATE
The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal awards revenues reported in the Organizations’ combined financial statements reconcile to federal award expenditures as follows:
Title: Note 5: RELATIONSHIP TO BASIC COMBINED FINANCIAL STATEMENTS
Accounting Policies: Note 3: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. The information in this 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
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2: DE MINIMUS INDIRECT COST RATE
The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal award revenues are reported in the School’s basic combined financial statements as program revenues.
Title: Note 6: LOANS
Accounting Policies: Note 3: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. The information in this 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
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2: DE MINIMUS INDIRECT COST RATE
The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Collegiate Academies did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 7: FEDERALLY FUNDED INSURANCE
Accounting Policies: Note 3: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. The information in this 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
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2: DE MINIMUS INDIRECT COST RATE
The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Collegiate Academies has no federally funded insurance.
Title: Note 8: NONCASH ASSISTANCE
Accounting Policies: Note 3: BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. The information in this 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
Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic combined financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2: DE MINIMUS INDIRECT COST RATE
The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Collegiate Academies did not receive any federal noncash assistance for the fiscal year ended June 30, 2024.