Notes to SEFA
Title: Note 2
Accounting Policies: This schedule includes the federal awards activity of the Foundation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10% deminimis indirect cost rate.
Medicaid reimbursements are defined as contracts for services and not federal awards, therefore, such reimbursements totalling $408,157 are not covered by the reporting requirements of the Unifrom Guidance.
Title: Note 3
Accounting Policies: This schedule includes the federal awards activity of the Foundation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Foundation did not elect to use the 10% deminimis indirect cost rate.
The Foundation received approval from the Arkansas Department of Education to transfer $144,522 of Title II, Part A - Improving Teacher Quality funds and $78,151 of Title IV, Part A - Student Support and Academic Enrichment Funds to Title I, Part A - Grants to Local Education Agencies.