Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Academic Excellence in Education, Inc. and Affiliate d/b/a Benjamin Franklin High School’s (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 1 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 financial position, changes in net assets, or cash flows of the School.
Federal awards are included in federal grants revenue in the Statement of Activities and Changes in Net Assets.
The School did not pass through any federal funding to subrecipients.