Notes to SEFA
Accounting Policies: The financial statements have been prepared on the accrual basis of accounting. The accounting system is organized under the Special Supplement to Financial Accounting and Reporting Nonprofit Charter School Chart of Accounts, a Module of the Texas Education Agency Financial Accountability System Resource Guide (FASRG). The general-purpose and specific-purpose financial statements have been combined as the Academy and does not have non-charter activities. See additional policies in the reporting package.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the de minimis cost rate.