Notes to SEFA
For all federal programs, the Academy uses the net asset classes and codes specified in Texas Education Agency's Module 3: Charter Schools - Financial Accounting and Reporting Non-Profit Chart of Accounts. Temporarily restricted net asset codes are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance generally is accounted for in temporarily restricted net asset codes. 2. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly, when such funds are received, they are recorded as unearned revenues until earned. 3. The period of availability for federal grant funds for the purpose of liquidation of outstanding obligations made on or before the ending date of the federal project period extended 30 days beyond the federal project period ending date, in accordance with provisions in Section H, Period of Availability of Federal Funds, Part 3 Uniform Guidance Compliance Statement - Provisional 6/97 . 4. The Academy has elected to not use an indirect cost rate for any Federal program as allowed under Uniform Guidance. 5. The Academy received $13,375 of Texas Medicaid Health Program revenue during the year. These revenues are not considered federal financial assistance for purposes of the Schedule of Expenditures of Federal Awards.