Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Subpart E of the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
The accompanying schedule of expenditures of federal awards (the Schedule) includes federal
grant activities of the School under programs of the federal government for the year ended
August 31, 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 operation of the
School, they are not intended to and do not present the financial position, changes in net assets,
and cash flows of the School.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Subpart E of the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Subpart E of the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: RELATIONSHIP TO FINANCIAL REPORT SUBMITTED TO GRANTOR
AGENCIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Subpart E of the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
Amounts reflected in the financial reports filed with grantor agencies for the programs and the
supplementary schedules may not agree because of accruals which will be included in the next
report filed with the agencies, matching requirements not included in the Schedules and different
program year ends.
Title: ELECTION TO USE 10% DE MINIMIS INDIRECT COST RATE
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Subpart E of the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
The charter school has elected not to use the 10% de minims indirect cost rate allowed under
uniform guidance.
Title: COMMITMENTS AND CONTINGENCIES
Accounting Policies: Expenditures on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Subpart E of the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: None
Federal grants received by the School are subject to review and audit by grantor agencies. The
School’s management believes that the results of such audits will not have a material effect on
the Schedule.