Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Bee Busy Learning Academy, Inc. under programs of the federal and state government for the year ended December 31, 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) and the State of Texas Single Audit Circular. Because the Schedule presents only a selected portion of the operations of the Academy, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Bee Busy Learning Academy, Inc.
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 and the State of Texas Single Audit Circular, wherein certain types of expenditures are not allowable, or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The information in the Schedule is presented in accordance with the requirements of the State of Texas Single Audit Circular included in the Uniform Grant Management Standards issued by the Governor’s Office of Budget and Planning of the State of Texas. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Bee Busy Learning Academy, Inc. had elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and State of Texas Single Audit Circular. BBLA started using the 10-percent de minimis indirect cost rate for the federal grants at the beginning of the new grant year of October 2024 for the FY25 start grant period.
Amounts reflected in the financial reports filed with grantor agencies for the programs and the supplementary schedules may not agree because of accruals which would be included in reports filed with the agencies, matching requirements not included in the Schedule and due to different program year ends.