Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of KEYS Grace Academy 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 KEYS Grace Academy, it is not intended to and does not present the financial position, changes in net assets, or cash flows of KEYS Grace Academy.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
KEYS Grace Academy has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The value of the noncash assistance received was determined in accordance with the provisions of Uniform Guidance.
Management has utilized the Grant Auditor Report in preparing the schedule of expenditures of federal awards. Unreconciled differences, if any, have been disclosed to the auditor.
The $6,265 in adjustments consisted of a takeback of federal funds in the current year for the Title II and Title IV programs in the amounts of $1,365 and $1,900 respectively. The remaining amount of $3,000 was to remove a receivable that was not received from the grantor.