Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. These expendituresreported in the SEFA follow the cost principles contained in the Uniform Guidance. The cost principles indicatethe certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement.Freedom Classical Academy has elected to use the 10 percent de minimus indirect cost rate as allowed underUniform Guidance for certain grants.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedules of Expenditures of Federal Awards (SEFA) includes the federal grant awardactivity of Freedom Classical Academy, under programs of the federal government for the year ended June 30,2022 in accordance with the requirements of the Uniform Guidance, Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the basic financial statements.Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance).
Title: Pass-Through Awards
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. These expendituresreported in the SEFA follow the cost principles contained in the Uniform Guidance. The cost principles indicatethe certain types of expenditures are not allowable and certain allowable costs are limited as to reimbursement.Freedom Classical Academy has elected to use the 10 percent de minimus indirect cost rate as allowed underUniform Guidance for certain grants.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Freedom Classical Academy received certain federal financial assistance from pass-through awards of the passthroughentities listed on the SEFA. There were no passed through awards to subrecipients.