Notes to SEFA
Title: Note 3: BASIS OF ACCOUNTING
Accounting Policies: The accompany schedule of expenditures of federal awards (the Schedule) presents the revenues from federal awards of Collegiate Academies (the School) (a nonprofit organization) as defined in Note 2 to the School's basic consolidated financial statements for the year ended June 30, 2022. All federal financial assistance received directly from federal agencies is included on the Schedule, as well as federal assistance passed through other government agencies.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements.
Title: Note 4: RECONCILIATION OF FEDERAL GRANT REVENUE TO EXPENDITURES OF FEDERAL
Accounting Policies: The accompany schedule of expenditures of federal awards (the Schedule) presents the revenues from federal awards of Collegiate Academies (the School) (a nonprofit organization) as defined in Note 2 to the School's basic consolidated financial statements for the year ended June 30, 2022. All federal financial assistance received directly from federal agencies is included on the Schedule, as well as federal assistance passed through other government agencies.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal awards revenues reported in the Organization's consolidated financial statements reconcile to federal award expenditures as follows: See Table in Report.
Title: Note 5: RELATIONSHIP TO BASIC CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompany schedule of expenditures of federal awards (the Schedule) presents the revenues from federal awards of Collegiate Academies (the School) (a nonprofit organization) as defined in Note 2 to the School's basic consolidated financial statements for the year ended June 30, 2022. All federal financial assistance received directly from federal agencies is included on the Schedule, as well as federal assistance passed through other government agencies.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal award revenues are reported in the School's basic consolidated financial statements as program revenues.
Title: Note 6: LOANS
Accounting Policies: The accompany schedule of expenditures of federal awards (the Schedule) presents the revenues from federal awards of Collegiate Academies (the School) (a nonprofit organization) as defined in Note 2 to the School's basic consolidated financial statements for the year ended June 30, 2022. All federal financial assistance received directly from federal agencies is included on the Schedule, as well as federal assistance passed through other government agencies.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Collegiate Academies did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 7: FEDERALLY FUNDED INSURANCE
Accounting Policies: The accompany schedule of expenditures of federal awards (the Schedule) presents the revenues from federal awards of Collegiate Academies (the School) (a nonprofit organization) as defined in Note 2 to the School's basic consolidated financial statements for the year ended June 30, 2022. All federal financial assistance received directly from federal agencies is included on the Schedule, as well as federal assistance passed through other government agencies.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Collegiate Academies has no federally funded insurance.
Title: Note 8: NONCASH ASSISTANCE
Accounting Policies: The accompany schedule of expenditures of federal awards (the Schedule) presents the revenues from federal awards of Collegiate Academies (the School) (a nonprofit organization) as defined in Note 2 to the School's basic consolidated financial statements for the year ended June 30, 2022. All federal financial assistance received directly from federal agencies is included on the Schedule, as well as federal assistance passed through other government agencies.
De Minimis Rate Used: N
Rate Explanation: The School has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Collegiate Academies did not receive any federal noncash assistance for the fiscal year ended June 30, 2022.