Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Corporation and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of 2 CFR §200.502 Basis for Determining Federal Awards Expended and 2CFR §200.510(b) Schedule of Expenditures of Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the combined financial statements.
The expenditures reported on the schedule 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. Negative amounts shown on the schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Indirect costs were calculated in accordance with 2 CFR §200.412 Direct and Indirect Costs. The Corporation did not elect to use the 10% de minimis cost rate as covered in 2 CFR §200.414 Indirect Costs. The California Department of Education approved an indirect cost rate of 7.36% for Audeo Valley Charter School and 5.94% for Audeo Charter II, Altus Schools North County, Altus Schools East County, Mirus Secondary and Altus Schools South Bay. Although indirect costs were approved for all schools within the Corporation, no indirect costs were charged to federal programs for the fiscal year ended June 30, 2025.