Title: GENERAL
Accounting Policies: The schedule was prepared following the accrual basis of accounting, which is further explained in note 1 to the financial statements of Colegio La Milagrosa, Inc. for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: Colegio La Milagrosa, Inc. has elected not to use the 10% minimum indirect cost rate allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) presents the expenditures for the year ended June 30, 2024 of all the federally assisted programs of Colegio La Milagrosa, Inc.
Title: SCHOOL LUNCH CLUSTER PROGRAM COMPOSITION
Accounting Policies: The schedule was prepared following the accrual basis of accounting, which is further explained in note 1 to the financial statements of Colegio La Milagrosa, Inc. for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: Colegio La Milagrosa, Inc. has elected not to use the 10% minimum indirect cost rate allowed under the Uniform Guidance
The composition of the School Lunch Cluster is as follows: CFDA 10.553 SCHOOL BREAKFAST PROGRAM (SBP) CFDA 10.555 NATIONAL SCHOOL LUNCH PROGRAM (NSLP) CFDA 10.559 SUMMER FOOD SERVICE PROGRAM FOR CHILDREN (SFSPC)
Title: INDIRECT COST RATE
Accounting Policies: The schedule was prepared following the accrual basis of accounting, which is further explained in note 1 to the financial statements of Colegio La Milagrosa, Inc. for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: Colegio La Milagrosa, Inc. has elected not to use the 10% minimum indirect cost rate allowed under the Uniform Guidance
Colegio La Milagrosa, Inc. has elected not to use the 10% minimum indirect cost rate allowed under the Uniform Guidance
Title: FOOD DONATIONS
Accounting Policies: The schedule was prepared following the accrual basis of accounting, which is further explained in note 1 to the financial statements of Colegio La Milagrosa, Inc. for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: Colegio La Milagrosa, Inc. has elected not to use the 10% minimum indirect cost rate allowed under the Uniform Guidance
Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities received and disbursed. On June 30, 2024, the Organization had no food commodities in inventory.
Title: RELATIONSHIP TO THE STATEMENTS
Accounting Policies: The schedule was prepared following the accrual basis of accounting, which is further explained in note 1 to the financial statements of Colegio La Milagrosa, Inc. for the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: Colegio La Milagrosa, Inc. has elected not to use the 10% minimum indirect cost rate allowed under the Uniform Guidance
A reconciliation of the Organization's expenditures included in the Schedule with the amounts included in the accompanying Statement of Activities and Functional Expenses for the year ended June 30, 2024, is as follows: Total expenses under the Food Services Actitivies Expenses related to contributions received from the Educational Activitie $11,121