Notes to SEFA
Accounting Policies: 1. Summary of Significant Accounting Policies:Basis of PresentationThe accompanying schedule of expenditures of federalawards presents the activity of all federal award programsadministered by South Buffalo Charter School and Affiliate(the Organization), an entity as defined in Note 1 to theOrganizations financial statements. Federal awards receiveddirectly from federal agencies, as well as federal awardspassed through from other governmental agencies, areincluded on the schedule of expenditures of federal awards.Basis of AccountingThe amounts reported as federal expenditures generally wereobtained from the appropriate federal financial reports forthe applicable programs and periods. The amounts reportedin these federal financial reports are prepared from recordsmaintained for each program, which are periodicallyreconciled with the Organizations financial reporting system.The federal expenditures are recorded on the accrual basis. Indirect CostsThe Organization typically does not allocate indirect costs toFederal programs and as such the 10% de minimis indirectcost rate permitted by the Uniform Guidance is notapplicable.Non-Monetary Federal ProgramThe Organization is the recipient of a federal award programthat does not result in cash receipts or disbursements, termeda "non-monetary program." During the year ended June 30,2022, the School used $56,533 worth of commodities underthe National School Lunch Program (Assistance ListingNumber 10.555).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.