Notes to SEFA
Title: Note 2 Grant Auditors Report
Accounting Policies: The accompanying schedule of federal awards (the Schedule) includes the federal grant activity Lincoln-King Adams-Young under programs of the federal government for the year ended June 30, 2022. Expenditures reported on the Schedule are reported on the same basis of accounting as the general purpose financial statements. The information in the 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 the schedule may differ from amounts presented in or used in preparation of the general purpose financial statements.Because the Schedule presents only a selected portion of the operations of Madison-Carver Academy, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows, if applicable, of Lincoln-King Adams-Young Academy. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Management has utilized the Cash Management System (CMS) Grant Auditors Report in preparing the schedule of expenditure of federal awards. There were no exceptions due to timing of cash receipts.
Title: Note 3 Noncash Assistance
Accounting Policies: The accompanying schedule of federal awards (the Schedule) includes the federal grant activity Lincoln-King Adams-Young under programs of the federal government for the year ended June 30, 2022. Expenditures reported on the Schedule are reported on the same basis of accounting as the general purpose financial statements. The information in the 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 the schedule may differ from amounts presented in or used in preparation of the general purpose financial statements.Because the Schedule presents only a selected portion of the operations of Madison-Carver Academy, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows, if applicable, of Lincoln-King Adams-Young Academy. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The value of the noncash assistance received was determined in accordance with the provisions of Uniform Guidance.