Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Success Academy Charter Schools - NYC (SACS-NYC) 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 SACS-NYC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SACS-NYC.
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, wherein certain types of expenditures are not allowable or limited as to reimbursement.
SACS-NYC has a provisional approval to use an indirect cost rate of 10% for all programs for the period from July 1, 2024, through June 30, 2025. The reimbursement of indirect costs reflected in the accompanying financial statements is subject to final approval by federal grantors and could be adjusted upon the results of these reviews. Management believes that the results of any such adjustments will not be material to SACS-NYC’s financial position or change in net assets.
SACS-NYC has evaluated subsequent events occurring after the financial statements date of June 30, 2025 through the date of October 9, 2025, except for our report on the Schedule, for which the subsequent events date is December 11, 2025, which is the date the financial statements were available to be issued. No events arose during the period that would require adjustment or additional disclosure.