Notes to SEFA
Title: NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING THE SEFA
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Acorn Montessori Charter School, Inc. (Acorn), 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 (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 the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Therefore, some amounts presented in this schedule may differ from amounts presented in, or
used in the preparation of, the financial statements. 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 or changes in fund balance or net position of Acorn.
Title: NOTE 2 - ASSISTANCE LISTINGS NUMBERS
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The program titles and assistance listings numbers were obtained from the federal or passthrough
grantor or SAM.gov.
Title: NOTE 3 - INDIRECT COSTS RATE
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
Acorn has not elected to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.