Title: Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The schedule of expenditures of federal awards presents only a selected portion of the activities of the
School. It is not intended to and does not present the balance sheet, revenue, 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 of governmental funds.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents activities of the
federal and state awards programs of Discovery Charter School d/b/a Jacquelyn Y. Kelley Discovery
Charter School (the School). All federal financial assistance passed through other governmental agencies
or other non‐profit organizations, is included in the schedule. 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 financial position, changes in net assets, or cash
flows of the School.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The schedule of expenditures of federal awards presents only a selected portion of the activities of the
School. It is not intended to and does not present the balance sheet, revenue, 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 of governmental funds.
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.
Title: Relationship to Financial Statements
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The schedule of expenditures of federal awards presents only a selected portion of the activities of the
School. It is not intended to and does not present the balance sheet, revenue, 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 of governmental funds.
The schedule of expenditures of federal awards presents only a selected portion of the activities of the
School. It is not intended to and does not present the balance sheet, revenue, 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 of governmental funds.
Title: Indirect Costs
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The schedule of expenditures of federal awards presents only a selected portion of the activities of the
School. It is not intended to and does not present the balance sheet, revenue, 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 of governmental funds.
The School has elected not to use the 10‐percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Subrecipient Funding
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The schedule of expenditures of federal awards presents only a selected portion of the activities of the
School. It is not intended to and does not present the balance sheet, revenue, 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 of governmental funds.
No portion of the awards reflected in the accompanying schedule of expenditures of federal awards was
subcontracted to other organizations.