Title: Note 1 - Basis of Presentation:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of the Foundation 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, 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: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditure are not allowable or are limited for reimbursement.
Title: Note 3 - Credit Enhancement for Charter School Facilities Program:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Funds shown as federal expenditures under the program are the original federal funds drawn plus interest
and fees earned. $8,347,234 of the funds are being held in accounts with financial institutions in
accordance with the program requirements as of June 30, 2024 and no loans were outstanding. No funds
were expended for obligations secured or collateralized in accordance with the program in the fiscal year
ended June 30, 2024. Interest earned on the funds through June 30, 2024 totaled $1,541,343 and
remained with the grant funds to be expended.
Title: Note 4 - Indirect Cost:
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on individual grant requirements and as approved by the U.S. Department of
Education. The Foundation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Foundation uses a negotiated indirect cost rate of 27.5% of total direct salaries, wages and fringe
benefits and a restricted indirect cost rate of 12.5% on salaries, wages and fringe benefits, depending on
individual grant requirements and as approved by the U.S. Department of Education. The Foundation has
elected not to use the 10% diminimis indirect cost rate as allowed under the Uniform Guidance.