Notes to SEFA
Title: Subrecipients
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Tekoa Charter School, Inc. dba Tekoa Academy of Accelerated Studies S.T.E.M School (TCS) for the year ended August 31, 2021. 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 operation of TCS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of TCS.Relationship to Financial StatementsExpenditures incurred under the Federal award programs were reported in the basic financial statements.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. 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.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
TCS did not provide federal awards to subrecipients.
Title: NOTE 2 PRIOR YEAR FEDERAL EXPENDITURES
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Tekoa Charter School, Inc. dba Tekoa Academy of Accelerated Studies S.T.E.M School (TCS) for the year ended August 31, 2021. 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 operation of TCS, it is not intended to and does not present the financial position, changes in net assets, or cash flows of TCS.Relationship to Financial StatementsExpenditures incurred under the Federal award programs were reported in the basic financial statements.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. 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.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
TCS received assistance under federal disaster recovery programs for expenses incurred in a prior fiscal year. Those amounts have been included in current year federal revenue but excluded from the current year Schedule of Expenditures of Federal Awards.Reconciliation of Federal Revenues and (SEFA):SEFA Expenditures FY2021-2022 $2,333,868FEMA Reimbursements for prior year expenditures -Total Federal Revenue per Statement of Activities $2,333,868