Notes to SEFA
Title: NOTE 1 – STANDARD FINANCIAL ACCOUNTING SYSTEM
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity
of the Charter Holder. The information in the SEFA 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). Therefore, some amounts presented in
the SEFA may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Charter Holder has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
For all federal programs, the Charter Holder used the net asset classes and codes specified by the TEA in
the Special Supplement to Financial Accounting and Reporting, Nonprofit Charter School Chart of
Accounts. Net assets with donor restrictions 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 net
assets with donor restriction codes.
Title: NOTE 2 – BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity
of the Charter Holder. The information in the SEFA 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). Therefore, some amounts presented in
the SEFA may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Charter Holder 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 (SEFA) includes the federal grant activity
of the Charter Holder. The information in the SEFA 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). Therefore, some amounts presented in
the SEFA may differ from amounts presented or used in the preparation of the basic financial statements.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity
of the Charter Holder. The information in the SEFA 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). Therefore, some amounts presented in
the SEFA may differ from amounts presented or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Charter Holder has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The Charter Holder has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.