Notes to SEFA
Franklin Towne Charter Elementary School (the School) is the reporting entity for financial reporting purposes as defined in Note 1 to the School’s financial statements. All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies is included on the schedule.
The accompanying schedule of federal awards is presented on the modified accrual basis of accounting as described in Note 1 to the School’s financial statements. Franklin Towne Charter Elementary School did not use the 10% de minimis indirect cost rate.
The 2025 threshold for determining Type A and Type B Programs is $750,000. The following program was audited as major. Assistance Listing Number Program 84.010 Title I – Improving Basic Programs The amount expended under programs audited as major federal programs for the year ended June 30, 2025 totaled $1,002,719 or 45% of total federal awards.