Notes to SEFA
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the direct and indirect federal and state activity of Southwest Leadership Academy Charter School and is presented 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.
De Minimis Rate Used: N
Rate Explanation: Southwest Leadership Academy Charter School does not charge indirect costs to any federally funded program and therefore has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs charged. The program administration costs charged is based on the approved budget.
Federal and state award expenditures are reported on the statement of activities as program expenditures. Some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements
Title: SUBRECIPIENT FUNDING
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the direct and indirect federal and state activity of Southwest Leadership Academy Charter School and is presented 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.
De Minimis Rate Used: N
Rate Explanation: Southwest Leadership Academy Charter School does not charge indirect costs to any federally funded program and therefore has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs charged. The program administration costs charged is based on the approved budget.
No portion of the awards reflected in the accompanying Schedule of Expenditures of Federal and State Awards was subcontracted to other organizations.