Notes to SEFA
Title: NOTE 6 – ADJUSTMENTS AND TRANSFERS
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Crossroads Charter Academy has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Subsequent to June 30, 2022, the Academy obligated allowable expenditures that were paid during the year ended June 30, 2022 to the Title I, Part A 2122 grant which increased the receivable and unavailable revenue by $4,500. This receivable and unavailable revenue was not reported on the schedule of expenditures of federal awards (the “schedule”) or basic financial statements for the year ended June 30, 2022. The adjustment shown on the schedule is an increase in the prior year receivable.