Notes to SEFA
Title: Note D. SUMMARY OF USDA LOAN ACTIVITY
Accounting Policies: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Indirect Cost Rate: The Organization has not elected to use the 10% de minimis rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 696,395. COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 896,176. COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 2,412,809. Total USDA loan balance outstanding at June 30, 2021: $4,086,606, Borrowing on USDA loan: -0-, Payments on USDA loan: $81,226, Total USDA loan balance outstanding at June 30, 2022: $4,005,380
Title: Note A. BASIS OF PRESENTATION
Accounting Policies: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Indirect Cost Rate: The Organization has not elected to use the 10% de minimis rate.
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 includes the Federal grant activities of Innovations Public Charter School (IPCS) Foundation (the Organization) 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 Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization.
Title: Note C. SUBRECIPIENT PASS THROUGH AWARDS
Accounting Policies: Note B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting: Expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance as applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Indirect Cost Rate: The Organization has not elected to use the 10% de minimis rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No Federal awards were passed through to subrecipients.