Notes to SEFA
Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) include the federal grant activity of Bronx Arts and Science Charter School (the Charter School) under programs of the federal governments 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 Charter School, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Charter School.Note 2 Basis of AccountingExpenditures reported on the schedule of expenditures of federal awards are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.Note 3 Indirect Cost RateThe Charter School has not elected to use the 10-percent de-minimis indirect cost rate allowed under the Uniform Guidance.Note 4 Major ProgramsMajor programs are identified in the Summary of Auditors Results section of the Schedules of Findings and Questioned Costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.