Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: There were no grants requiring a cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Chicago Math
and Science Academy (Academy) for the year ended June 30, 2023. The information in this schedule is presented
in accordance with the requirements of the Uniform Guidance. Because the schedule presents only a selected
portion of the operations of the Academy, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Academy.
Title: Indirect Facilities and Administration Costs
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: There were no grants requiring a cost rate.
The Academy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Sub-Receipients
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: There were no grants requiring a cost rate.
The Academy provided no federal awards to sub-recipients during the year ended June 30, 2023.
Title: Nonmonetary Assistance
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: There were no grants requiring a cost rate.
The Academy neither received nor disbursed federal awards in the form of nonmonetary assistance for the year ended June 30, 2023.
Title: Insurance and Loans or Loan Gurantees
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards 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.
De Minimis Rate Used: N
Rate Explanation: There were no grants requiring a cost rate.
During the year ended June 30, 2023, the Academy did not pay for any insurance coverage with federal funds, there were no loans, loan guarantees, or other federal assistance for the purpose of administering federal programs.