Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures shown 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. Revenue received from the national school lunch and breakfast programs are based upon the number of free and reduced-price meals served. Revenue received in excess of actual costs are restricted for future expenditures within these programs. As of June 30, 2024, the School did not have a balance of restricted net assets associated with these programs.
De Minimis Rate Used: N
Rate Explanation: The School 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 (the “Schedule”) includes the federal award activity of Riverhead Charter School, Inc. (the “School”), under programs of the federal government 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 (the “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: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures shown 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. Revenue received from the national school lunch and breakfast programs are based upon the number of free and reduced-price meals served. Revenue received in excess of actual costs are restricted for future expenditures within these programs. As of June 30, 2024, the School did not have a balance of restricted net assets associated with these programs.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures shown 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. Revenue received from the national school lunch and breakfast programs are based upon the number of free and reduced-price meals served. Revenue received in excess of actual costs are restricted for future expenditures within these programs. As of June 30, 2024, the School did not have a balance of restricted net assets associated with these programs.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures shown 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. Revenue received from the national school lunch and breakfast programs are based upon the number of free and reduced-price meals served. Revenue received in excess of actual costs are restricted for future expenditures within these programs. As of June 30, 2024, the School did not have a balance of restricted net assets associated with these programs.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Riverhead has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 – SUBRECIPIENTS
Accounting Policies: Expenditures shown 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. Revenue received from the national school lunch and breakfast programs are based upon the number of free and reduced-price meals served. Revenue received in excess of actual costs are restricted for future expenditures within these programs. As of June 30, 2024, the School did not have a balance of restricted net assets associated with these programs.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
During year ended June 30, 2024, the School had no sub-recipients.
Title: NOTE 5 – NON-CASH ASSISTANCE AND OTHER
Accounting Policies: Expenditures shown 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. Revenue received from the national school lunch and breakfast programs are based upon the number of free and reduced-price meals served. Revenue received in excess of actual costs are restricted for future expenditures within these programs. As of June 30, 2024, the School did not have a balance of restricted net assets associated with these programs.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The School did not receive any non-cash assistance, federal loans, or federally funded insurance during the year ended June 30, 2024.