Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) presents the activity of all applicable federal award programs of Bloom Academy, Inc. 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in Uniform Guidance, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Federal revenue reported on the Statement of Activities totaled $920,027, whereas the Schedule of Expenditures of Federal Awards (SEFA) reflected federal revenue of $886,603. The difference of $33,424 is attributable to E-Rate funds, which are included on the Statement of Activities but excluded from the SEFA.
Bloom Academy, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance