Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Universal Institute Charter School (the “School”) 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 the School, it is not intended to and does not present the balance sheet, revenues, expenditures, or changes in fund balances of governmental fund. The financial activity for the aforementioned awards is reported in the School’s Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Fund
1. 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 are limited as to reimbursement. 2. The School has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
At June 30, 2025 At June 30, 2024 Federal subsidies receivable $ 509,327 $ 758,735 Included in due from affiliates -0- 7,351 Total Accrued Revenue $ 514,396 $ 766,086
In accordance with 2 CFR Section 200.518 of the Uniform Guidance, certain programs have been clustered in determining major programs. The following represents the clustered programs: Name of Cluster/Program Assistance Listing Number Child Nutrition Cluster School Breakfast Program 10.553 National School Lunch Program 10.555