Notes to SEFA
Title: Note 2 - Other Disclosure
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grantactivity of Bay City Academy 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 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of Bay City Academy, it is not intended to and does notpresent the financial position or changes in net position of Bay City Academy.Expenditures reported on the Schedule are reported on the modified 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. Negativeamounts (if any) shown on the Schedule represent adjustments or credit made in the normal course ofbusiness to amounts reported as expenditures.The Academy has elected not to use the 10 percent de minimus indirect cost rate to recover costs asallowed under the Uniform Guidance.The Academy does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Management has utilized the NexSys, Cash Management System and the Grant Auditor Report in preparing the Schedule of Expenditures of Federal Awards.
Title: Note 3 - Reconciliation of Revenue Reported in the Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grantactivity of Bay City Academy 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 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of Bay City Academy, it is not intended to and does notpresent the financial position or changes in net position of Bay City Academy.Expenditures reported on the Schedule are reported on the modified 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. Negativeamounts (if any) shown on the Schedule represent adjustments or credit made in the normal course ofbusiness to amounts reported as expenditures.The Academy has elected not to use the 10 percent de minimus indirect cost rate to recover costs asallowed under the Uniform Guidance.The Academy does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total federal expenditures per Schedule of Expenditures ofFederal Awards $ 1,053,443Less:Title I received after 60 days (21,822)ESSER II - Credit Recovery received after 60 days (11,480)ESSER II - Summer Program received after 60 days (14,600)ESSER III received after 60 days (16,045)Revenues per financial statements - federal sources $ 989,496
Title: Note 4 - (Unaudited) Donated Personal Protective Equipment
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grantactivity of Bay City Academy 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 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of Bay City Academy, it is not intended to and does notpresent the financial position or changes in net position of Bay City Academy.Expenditures reported on the Schedule are reported on the modified 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. Negativeamounts (if any) shown on the Schedule represent adjustments or credit made in the normal course ofbusiness to amounts reported as expenditures.The Academy has elected not to use the 10 percent de minimus indirect cost rate to recover costs asallowed under the Uniform Guidance.The Academy does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended June 30, 2022, the Academy did not receive any personal protective equipment donations.