Notes to SEFA
Title: Note 2
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Jubilee Academic Center and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jubilee did not elect to use the 10% de minimis indirect cost rate provided by the Uniform Guidance.
The expenditures for the child nutrition cluster are reported to the extent of program revenues.
Title: Note 4
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Jubilee Academic Center and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jubilee did not elect to use the 10% de minimis indirect cost rate provided by the Uniform Guidance.
There were no loan guarantees during the year.
Title: Note 5
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Jubilee Academic Center and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jubilee did not elect to use the 10% de minimis indirect cost rate provided by the Uniform Guidance.
There were no sub-recipients during the year.
Title: Note 6
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Jubilee Academic Center and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jubilee did not elect to use the 10% de minimis indirect cost rate provided by the Uniform Guidance.
During the year, Jubilee was reimbursed $234,159 from the Texas Education Agency through the COVID-19 School Health Support Grant for qualifying costs in connection with the COVID-19 pandemic that were incurred during the 2021-2022 and 2022-2023 fiscal years, in the amount of $216,239 and $17,920, respectively. The federal revenues related to the 2021-2022 costs were recorded in Jubilee’s general fund and are reflected in the Schedule of Expenditures of Federal Awards as of June 30, 2023.