Notes to SEFA
Title: NOTE 3: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the School and it's 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 (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amount presented in or used in the preparation of the basic consolidated financial statements.
Title: NOTE 4: Reconciliation to Consolidated Statement of Activities
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Below is a reconciliation of the schedule of expenditures of federal awards to the grants- federal sources as presented on the consolidated statement of activities for the year ended June 30, 2022: (See table in audit report)
Title: NOTE 5: Loan
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School did not expend federal awards related to loans or loan guarantees during the year ended June 30, 2022.
Title: NOTE 6: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School has no federally funded insurance for the year ended June 30, 2022.
Title: NOTE 7: Noncash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the revenues from federal awards of the School as defined in Note 1 to the Schools basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The School received federal noncash assistance for the fiscal year ended June 30, 2022 for USDA commodities in the amount of $22,934, and the remaining $69,148 noncash assistance comes from various programs such as ESSER, Charter School Expansion, Title I, Title IV, and 21st Century.