Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expense Recognition
The accompanying schedule of expenditures of federal awards has been prepared 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 allowed or are limited as to reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $329,982 is reported in the schedule as AL No.
10.555 at the fair market value of the commodities received and disbursed.
De Minimis Rate Used: N
Rate Explanation: KIPP has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the
federal grant activity of KIPP New Orleans, Inc. and Subsidiary (KIPP) under programs of
the federal government for the year ended June 30, 2024. The information in the 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 KIPP, it is not intended to and does not present
the financial position, changes in net assets, or cash flows of KIPP.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expense Recognition
The accompanying schedule of expenditures of federal awards has been prepared 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 allowed or are limited as to reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $329,982 is reported in the schedule as AL No.
10.555 at the fair market value of the commodities received and disbursed.
De Minimis Rate Used: N
Rate Explanation: KIPP has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
Expense Recognition
The accompanying schedule of expenditures of federal awards has been prepared 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 allowed or are limited as to reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $329,982 is reported in the schedule as AL No.
10.555 at the fair market value of the commodities received and disbursed.
Title: INDIRECT COST RATE
Accounting Policies: Expense Recognition
The accompanying schedule of expenditures of federal awards has been prepared 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 allowed or are limited as to reimbursement.
Payments to Subrecipients
There were no payments to subrecipients for the fiscal year ended June 30, 2024.
Non-Cash Assistance
Nonmonetary assistance in the amount of $329,982 is reported in the schedule as AL No.
10.555 at the fair market value of the commodities received and disbursed.
De Minimis Rate Used: N
Rate Explanation: KIPP has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
KIPP has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.