Notes to SEFA
Title: Note 3. Subrecipients
Accounting Policies: Note 1. Significant accounting policies used in preparing the schedule of expenditures of federal awards. The above schedule of expenditures of federal awards includes the federal grant activity of Urban Academy and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2. Indirect Costs. Urban Academy has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Note 3. Subrecipients. Urban Academy did not pass any federal awards through to subrecipients.
Title: Note 4. Non-Cash Assistance
Accounting Policies: Note 1. Significant accounting policies used in preparing the schedule of expenditures of federal awards. The above schedule of expenditures of federal awards includes the federal grant activity of Urban Academy and is presented on the modified accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2. Indirect Costs. Urban Academy has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Note 4. Non-Cash Assistance. The above schedule includes $24,331 of non-cash assistance. This amount represents the value of commodities received and disbursed for the U.S. Department of Agriculture National School Lunch Program, Assistance Listing No. 10.555.