Notes to SEFA
The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state activity of the Board of Trustees, Academy for Urban Leadership Charter School. The Board of Trustees is defined in Note 1 to the Charter School’s basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of federal awards and state financial assistance.
Amounts reported in the accompanying schedules agree with the amounts reported in the Charter School’s basic financial statements. The basic financial statements present the special revenue fund on both GAAP and budgetary basis. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. See Exhibit C-3 for a reconciliation of the budgetary basis to the GAAP basis of accounting for the special revenue fund. Awards and financial assistance revenues are reported in the Charter School’s basic financial statements on a GAAP basis as follows: (See Notes to SEFA for table)
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
TPAF Social Security Contributions represents reimbursements in the amount of $159,672 by the State for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2025. The State had also made on-behalf TPAF payments for post-retirement medical benefits in the amount of $1,159,341.
On-behalf State Programs for TPAF pension, post-retirement medical benefits and long term disability insurance contributions are not subject to a State single audit and, therefore, are excluded from major program determination. The Schedule of State Financial Assistance provides a reconciliation of State financial assistance reported in the Charter School's financial statements and the amount subject to State single audit and major program determination.