Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of DaVinci Academy of Science and the Arts (the School) under programs of the federal government for the year ended June 30, 2025. The information 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 DaVinci Academy of Science and the Arts, it is not intended to and does not present the financial position, changes in net position, or changes in fund balance of DaVinci Academy of Science and the Arts.
Expenditures reported in 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. No federal financial assistance has been provided to a subrecipient.
The School has not elected to use the de minimis cost rate.