Notes to SEFA
Title: General Information
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the School and is presented on the accrual basis of accounting. The expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types or expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
GENERAL INFORMATIONThe accompanying schedule of expenditures of federal and state awards presents the activities of the federal and State financial assistance programs of Folk Arts-Cultural Treasures Charter School (the School). Financial awards received directly from federal agencies, as well as financial assistance passed through other governmental agencies or non-profit organizations, are included in the schedule.
Title: Relationship to the Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the School and is presented on the accrual basis of accounting. The expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types or expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule of expenditures of federal and state awards presents only a selected portion of the activities of the School. It is not intended to and does not present the balance sheet, revenue, expenditures, or changes in fund balances of governmental funds. The financial activity for the aforementioned awards is reported in the Schools statement of revenues, expenditures, and changes in fund balances of governmental funds.
Title: Subrecipient Funding
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of the School and is presented on the accrual basis of accounting. The expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types or expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No portion of the awards reflected in the accompanying schedule of expenditures of federal and state awards was subcontracted to other organizations.