Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Highville Charter School under programs of the State of Connecticut for the fiscal year ended June 30, 2025. The information in the 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 Highville Charter School, it is not intended to, and does not, present the statement of financial position, the related statements of activities and changes in net assets, functional expenses, and cash flows of Highville Charter School.
The accounting policies of Highville Charter School conform to accounting principles generally accepted in the United States of America as applicable to not-for-profit entities.
The expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Revenues are recognized when earned. Certain grants are recognized based on grant award since they are considered entitlement grants; other grants, which are dependent upon expenditure factors for determining eligibility, recognize grant revenue to the extent of expenditures.