Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Prevail Charter Academy 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 Prevail Charter Academy, it is not intended to and does not present the financial position or changes in net position of Prevail Charter Academy.
Expenditures reported on the Schedule are reported on the modified 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Prevail Charter Academy has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Management has utilized the NexSys Cash Management System and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards. The Academy does not pass-through federal awards.
Adjustments were made for ALN 84.367 ($490) and ALN 84.424 ($110) for prior year federal revenue reported but recaptured during the current year. Also, adjustments were made for ALN 84.010 ($815) for prior year unavailable revenue that was never received in the current year