Notes to SEFA
Accounting Policies: Basis of PresentationSummary of Significant Accounting PoliciesFor all Federal programs, the corporation used the net asset classes and codes specified by the Texas Education Agency in the Module 3: Charter Schools Financial Accounting and Reporting Non-profit Chart of Accounts. Temporarily restricted net asset codes are used to account for resources restricted to or designated for specific purposes by a grantor. Federal and state financial assistance is generally accounted for in temporarily restricted net asset codes.Reconciliation of Schedule of Expenditures of Federal Awards to Statement of Activities: Total Expenditures reported on SEFA $ 1,884,197Restart Hurricane funds rec'd for prior year expenditures 9,057Reimburseent for overpament of payroll tax 4 46Total Federal Revenue on Statement of Activities $ 1,893,700
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.