Notes to SEFA
Title: Note 3: Non-Profit Charter School Chart of Accounts
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Eagle Advantage Schools, Inc. dba Advantage Academy (the Charter School) under programs of the federal government for the year ended August 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for the Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Charter School, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of the Charter School. The Charter School had no federally funded insurance programs or loan guarantees during the year ended August 31, 2022.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Pass-through entity identifying numbers are presented when available. The Charter School has elected not to use the 10 percent deminimis indirect cost rate allowed under the Uniform Guidance.
For all federal programs, the Charter School used the net asset classes and codes specified by the Texas Education Agency in the Special Supplement To Financial Accounting and Reporting, Nonprofit Charter School Chart Of Accounts. Temporarily restricted net asset codes are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in temporarily restricted net asset codes.