Notes to SEFA
Title: Note A – Basis of Presentation
Accounting Policies: 1. Expenditures 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 are not allowable or are limited as to reimbursement.
2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 2. The School has elected not to use the 10 percent de minimis 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 Philadelphia Charter School for Arts and Sciences Charter School (the “School”) under programs of the federal government for the year ended June 30, 2024. 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 (“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 balance sheet, revenues, expenditures, or changes in fund balances of governmental funds. The financial activity for the aforementioned awards is reported in the School’s Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds.
Title: Note B – Summary of Significant Accounting Policies
Accounting Policies: 1. Expenditures 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 are not allowable or are limited as to reimbursement.
2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
1. Expenditures 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 are not allowable or are limited as to reimbursement.
2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note C – Reconciliation of Accrued Revenue Amounts per the Schedule of Expenditures of Federal Awards to the Statement of Net Position
Accounting Policies: 1. Expenditures 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 are not allowable or are limited as to reimbursement.
2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At June 30, 2024 At June 30, 2023
Federal subsidies receivable $ 1,259,191 $ 821,421
Included in deferred revenue (32,125) (30,850)
Due from local governments 320,246 -0-
Total Accrued Revenue $ 1,547,312 $ 790,571
Title: Note D – Clustered Programs
Accounting Policies: 1. Expenditures 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 are not allowable or are limited as to reimbursement.
2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: 2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In accordance with 2 CFR Section 200.518 of the Uniform Guidance, certain programs have been clustered in determining major programs. The following represents the clustered programs:
Assistance Listing
Name of Cluster/Program Number
Child Nutrition Cluster
School Breakfast Program 10.553
National School Lunch Program 10.555