Notes to SEFA
Title: Reporting Entity
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No funds were identified as having been provided to subrecipients by the School under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance of any loans or loan guarantees outstanding at June 30, 2022. For the year ended June 30, 2022, the School received $126,014 of noncash assistance in the form of food commodities that is included under the Department of Agriculture passed through the Illinois State Board of Education (CDFA #10.555). The School did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance nor did it charge any indirect costs to a Federal program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Catalyst Schools (the School), an Illinois nonprofit corporation, was incorporated on November 3, 2005. The Schools mission is to partner with urban communities to offer college-preparatory K-12 education. Each child is given a rigorous academic program suited to his or her needs. In addition, the School helps each child develop positive character traits that will help him or her be an asset and change agent in the community. The Schools goal is to provide a quality educational choice to families who experience the effects of economic difficulty and who have not been adequately served by existing educational institutions so their children will ultimately graduate from college. To date, the School has two campus locations.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No funds were identified as having been provided to subrecipients by the School under the meaning of the Uniform Guidance, and accordingly, no funds identified in the Schedule are attributable to subrecipient entities as required under the Uniform Guidance. There were no federal awards expended for insurance of any loans or loan guarantees outstanding at June 30, 2022. For the year ended June 30, 2022, the School received $126,014 of noncash assistance in the form of food commodities that is included under the Department of Agriculture passed through the Illinois State Board of Education (CDFA #10.555). The School did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance nor did it charge any indirect costs to a Federal program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the School under programs of the federal government for the year ended June 30, 2022. 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 School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School.