Audit 360084

Title: NOTE 1 SIGNIFICANT ACCOUNTINGS POLICIES Accounting Policies: The Schedule of Expenditures of Federal Awards is presented based on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. A one-year availability period is used for revenue recognition for all governmental fund revenues. Expenditures are recorded when the related liability is incurred. De Minimis Rate Used: N Rate Explanation: MAEF Public Charter Schools, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the MAEF Public Charter Schools, Inc. under the programs of the federal government for the year ended September 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). Because the Schedule presents only a selected portion of the operations of MAEF Public Charter Schools, Inc., it is not intended to and does not present the financial position or changes in net position of MAEF Public Charter Schools, Inc. Basis of Accounting The Schedule of Expenditures of Federal Awards is presented based on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. A one-year availability period is used for revenue recognition for all governmental fund revenues. Expenditures are recorded when the related liability is incurred. Indirect Cost Rate MAEF Public Charter Schools, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.