Notes to SEFA
Title: Note 1 ‐ Basis of Presentation
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the Federal grant activity of Imagine Schools – Chancellor Campus (the “School”) for the year ended June 30, 2023. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the School, it is not intended to and does not present the financial position, changes in net position, or cash flows of the School.
Title: Note 2 ‐ Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursements, as applicable.
Title: Note 3 ‐ Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 ‐ Contingency
Accounting Policies: Expenditures reported in the SEFA are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The School elected not to use the 10‐percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The grant and contract revenue amounts received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor/contract agencies would become a liability of the School. In the opinion of management, all grant and contract expenditures are in compliance with the terms and conditions of the agreements and applicable Federal and state laws, and other applicable regulations.