Notes to SEFA
The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal financial assistance programs of Maritime Academy Charter School (the "School"). 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 (the "Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1 to the School's financial statements.
In accordance with 2 CFR section 200.518, certain programs have been clustered in determining major programs. See the notes to the SEFA for chart of clustered programs.
The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.