Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE C – INDIRECT COST RATE
The Preparatory has elected not to use the 10-percent 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 Richard Allen Preparatory (the Preparatory) under programs of the federal government for the fiscal year ended June 30, 2023. The information on this Schedule is prepared 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). Because the Schedule presents only a selected portion of the operations of the Preparatory, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Preparatory.
Title: Note D - Child Nutrition Cluster
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE C – INDIRECT COST RATE
The Preparatory has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Preparatory commingles cash receipts from the U.S. Department of Agriculture with similar State grants. When reporting expenditures on this Schedule, the Preparatory assumes it expends federal monies first.
Title: Note E - Food Donation Program
Accounting Policies: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE C – INDIRECT COST RATE
The Preparatory has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Preparatory reports commodities consumed on the Schedule at the entitlement value. The Preparatory allotted donated food commodities to the respective program that benefitted from the use of those donated food commodities.