Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: SEE FORM
De Minimis Rate Used: N
Rate Explanation: AS ALLOWED UNDER THE UNIFORM GUIDANCE, THE FOUNDATION DID NOT USE THE DE MINIMIS COST RATE.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the Federal award activity of Lake Charles Charter Academy Foundation, Inc. (the "Foundation") for the year ended June 30, 2024. 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 Foundation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Foundation.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: SEE FORM
De Minimis Rate Used: N
Rate Explanation: AS ALLOWED UNDER THE UNIFORM GUIDANCE, THE FOUNDATION DID NOT USE THE DE MINIMIS COST RATE.
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: Note 3 - Indirect Cost Rate
Accounting Policies: SEE FORM
De Minimis Rate Used: N
Rate Explanation: AS ALLOWED UNDER THE UNIFORM GUIDANCE, THE FOUNDATION DID NOT USE THE DE MINIMIS COST RATE.
The Foundation did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.