Notes to SEFA
Title: NOTE A - BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the School’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the School’s general fund as an inventory asset and federal revenue when received totaling $10,828 for the year ended June 30, 2024. Donated food commodity inventories are recorded as expenditures in the general fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent 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 Monticello Academy, Inc. (the School) under programs of the federal government for the year ended June 30, 2024. The information in the 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 financial position, or cash flows of the School.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the School’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the School’s general fund as an inventory asset and federal revenue when received totaling $10,828 for the year ended June 30, 2024. Donated food commodity inventories are recorded as expenditures in the general fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the School’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the School’s general fund as an inventory asset and federal revenue when received totaling $10,828 for the year ended June 30, 2024. Donated food commodity inventories are recorded as expenditures in the general fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C - SUBRECIPIENTS OF FEDERAL AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting as described in Note 1 to the School’s basic financial statements. 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.
Donated food commodities are recorded at acquisition value in the School’s general fund as an inventory asset and federal revenue when received totaling $10,828 for the year ended June 30, 2024. Donated food commodity inventories are recorded as expenditures in the general fund when they are consumed by the schools; for purposes of the Schedule, donated food commodities are also recorded as expenditures when received.
The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The School did not provide Federal award funding to any subrecipient during the year ended June 30, 2024.