Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activities of Hawai‘i Academy of Arts and Science Public Charter School under programs of the Federal government for the year ended June 30, 2025. 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 Hawai‘i Academy of Arts and Science Public Charter School, it is not intended to and does not present the financial position, change in net position, or cash flows of Hawai‘i Academy of Arts and Science Public Charter School.
Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Indirect Cost Rate: The School has elected not to use the 10% de minimis cost rate.
The value of the Federal awards expended in the form of noncash food commodities is valued at the time of receipt at fair market value which was $36,325 for the year ended June 30, 2025.
No Federal awards were passed through to subrecipients.
The School subcontracted the Temporary Assistance for Needy Families (TANF) program to related party, ASC, to provide the program services to students. Total payment to ASC for the services was $113,058 during the fiscal year ended June 30, 2025.