Notes to SEFA
Title: General
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations and the Uniform Grant Management Standards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.
The accompanying schedule of expenditures of federal and state awards presents expenditures for all federal and state assistance awards that were in effect for the year ended June 30, 2022 for Valere Public Schools, Inc. (the School). The School's reporting entity is described in Note 1 of the basic financial statements.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations and the Uniform Grant Management Standards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the School and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of the School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School.
Title: Noncash Assistance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations and the Uniform Grant Management Standards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.
Commodities represent the amount of donated food received during the 2021-2022 fiscal year. Commodities are valued at fair value, which was determined at the time of donation to be $43,336.
Title: Non-Profit Charter School Chart of Accounts
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations and the Uniform Grant Management Standards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.
For all federal and state programs, the School used the net asset classes and codes specified by the Texas Education Agency (TEA) in the Special Supplement to Financial Accounting and Reporting, Non-Profit Charter School Chart of Accounts. Temporarily restricted net asset codes are used to account for resources restricted to ordesignated for specific purposes by the grantor. Federal and state financial assistance is generally accounted for in temporarily restricted net asset codes.
Title: Other Disclosures
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations and the Uniform Grant Management Standards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to use the 10 percent de minimis indirect cost rate allowed under the UniformGuidance.
There were no loans or loan guarantees outstanding at year end. The School did not disburse any federal or state awards to subrecipients for the year ended June 30, 2022.