Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Independence Charter 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 Independence Charter School, it is not intended to and does not present the financial position, change in net assets, or cash flows of Independence Charter School.
Expenditures reported on the Schedule are reported on the modified accrual or 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. Pass-through entity identifying numbers are presented where available.
The Commonwealth distributes federal surplus food to institutions (schools, hospitals and prisons) and to the needy. Non-cash expenditures reported in the schedule of expenditures of federal awards under ALN 10.555, National School Lunch Program (NSLP), represent federal surplus food consumed by the School during the 2024-2025 fiscal year.
The School has not elected to use the de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.