Notes to SEFA
The accompanying SEFA has been prepared using the modified accrual basis of accounting. Expenditures reported on the SEFA are reporting 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.
Approximately 82.27% of the federal awards received by the Institute were provided to the charter schools within the Institute. The amounts passed through to the charter schools are noted in a separate column in the SEFA.
The Institute has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.