Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The School did not allocate any indirect costs to its federal award programs.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activities of Beacon Academy of Nevada under programs of the federal government for the year ended June 30, 2023. 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 Nevada Virtual Academy, it is not intended to and does not present the financial position or activities of Nevada Virtual Academy.
Title: Summary of Significant Accounting Policies
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The School did not allocate any indirect costs to its federal award programs.
Expenditures are recognized on the modified accrual basis, which is based on when costs become a demand on current available financial resources. 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. No federal financial assistance has been provided to a subrecipient.
Title: Indirect Costs
Accounting Policies: Modified accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The School did not allocate any indirect costs to its federal award programs.
The School’s federal award programs cover expenditures approved as a part of the federal grant or as otherwise allowed by applicable laws or regulations. For the year ended June 30, 2023, the School did not allocate any indirect costs to its federal award programs.