Title: Bronzeville Academy Charter School Notes to Schedule of Expenditure of Federal Awards
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
Bronzeville Academy Charter School Notes to Schedule of Expenditure of Federal Awards For the Year Ended June 30, 2022
Title: Basis of Presentation
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
The accompanying schedule of expenditure of federal awards (the “Schedule) includes the federal grant activity of the Bronzeville Academy Charter School (“BACS”) under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of BACS, it is not intended to and does not present the financial position, change in net assets, or cash flows of BACS.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principal contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements Cost Principles for Non_x0002_profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available.
Title: Indirect Facilities and Administrative Costs
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
The Organization elected not to use the 10% de minimums cost rate.
Title: Insurance
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
There were no federal funds expended for insurance during the year ended June 30, 2022.
Title: Non-Cash Assistance
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
The Organization did not receive any non-cash assistance for the year ended June 30, 2022.
Title: Subrecipients
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
There were no subrecipients during the year ended June 30, 2022.
Title: Federal Awards in the form of Loans/Loan Guarantees/Interest Subsidies
Accounting Policies: The Basis of Accounting used is GAAP and GAGAS
De Minimis Rate Used: Y
Rate Explanation: Bronzeville Academy Charter School uses the de minimis cost rate
There were no federal awards expended in the form of loans, loan guarantees, or interest subsidies at June 30, 2022.