Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Galapagos Rockford Charter School NFP, Inc. for the year ended June 30, 2025 and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirement of Uniform Guidance, Audits of States, and Local Governments and Non-Profit Organizations. Therefore, the amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Because this Schedule presents only a selected portion of the operations of the School, it is not intended to, and does not represent, the financial position, changes in net assets, or cash flows from the School.
EXPENDITURES: Expenditures reported on the Schedule are reported on the accrual basis of accounting. PASS-THROUGH ENTITIES: Pass through entity identifying numbers are presented on the Schedule where available.
The School has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
No noncash transactions.
The School did not remit any funds to subrecipients.
The threshold for determination of major programs status is $750,000.