Notes to SEFA
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The schedule includes the federal award activity of the Horizon Science Academy Lorain under programs
of the federal government for the fiscal year ended June 30, 2024 and is prepared in accordance with the
accrual basis of accounting. The information on this schedule is prepared in accordance with the
requirements of Title 2 US 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 Horizon Science Academy Lorain, it is not intended
to and does not present the financial position, changes in net position, or cash flows of the Horizon Science
Academy Lorain.
NOTE B – INDIRECT COST RATE
CFR 200.414 allows a non-federal entity that has never received a negotiated indirect cost rate to charge a
de minimis rate of 10% of modified total direct costs to indirect costs. The Academy has not elected to use
the 10% de minimis indirect cost rate.
NOTE C – PASS-THROUGH ENTITY NUMBERS
OAKS did not assign pass-through entity numbers for fiscal year 2024.
NOTE D – CHILD NUTRITION CLUSTER
Commingled with state and local revenue from sales of breakfasts and lunches; assumed expenditures were
made on a first-in, first-out basis.
NOTE E – TRANSFERS TO SCHOOLWIDE BUILDING PROGRAM
The following amounts were transferred to the Schoolwide Building Program Fund based on ODE
administrative action and transferability guidelines during fiscal year 2024:
SCHOOLWIDE POOL
Fund ALN Transfer In Transfer Out
Schoolwide Building Program Fund N/A $ 1,177,814 $ -
Title I Grants to Local Education Agencies 84.010A - 771,632
Special Education - Grants to States 84.027A - 221,788
Special Education - Preschool Grants 84.173A - 3,771
English Language Acquisition State Grants 84.365A - 31,499
Supporting Effective Instruction 84.367A - 87,946
Student Support and Academic Enrichment 84.424A - 61,178
Total Schoolwide Pool $ 1,177,814 $ 1,177,814
De Minimis Rate Used: N
Rate Explanation: N/A