Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Organization in the subsequent year while unearned revenue represents advances for federal and state programs that exceed recorded Organization expenditures.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal and state awards (the Schedules) includes the federal and state award activity of the Organization under programs of the federal and state government for the year ended June 30, 2022. The information in these schedules are 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), the requirements of the Wisconsin State Single Audit Guidelines. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements. Because the schedules present only a selected portion of the operations of the Organization, it is not intended to and does not present the net financial position, changes in net assets or cash flows of the Organization. All federal and state awards received directly from federal and state agencies as well as federal and state financial awards passed through other government agencies are included on the schedules.
Title: Per Pupil Revenue
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Organization in the subsequent year while unearned revenue represents advances for federal and state programs that exceed recorded Organization expenditures.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization earned $16,504,201 of revenue from the Non-Instrumentality charter contract. This revenue received from Milwaukee Public Schools could not be confirmed by the funding source as being either federal or state monies and was, therefore, not included in the Schedule. These monies are reflected as fees for service on the statements of activities.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Organization in the subsequent year while unearned revenue represents advances for federal and state programs that exceed recorded Organization expenditures.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal donated commodities in the Child Nutrition Cluster is administered by the U.S. Department of Agriculture and passed through the Wisconsin Department of Public Instruction and transactions relating to this program are included in the Organizations financial statements. Commodities received during the year that are included in the federal expenditures are valued by the federal agency. There are no balances outstanding as of June 30, 2022.