Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: None
The accompanying schedule of expenditures of federal awards (the “SEFA”) includes the federal grant activity of Odyssey 2020 Academy, Inc. dba Robert A. Mosbacher, Sr. Odyssey Academy (the Academy”) under programs of the federal government for the year ended June 30, 2023. The information in the SEFA 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 SEFA 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: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: None
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: None
The Academy has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: CONTINGENCIES
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Subpart E of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The accompanying SEFA is presented on the accrual basis of accounting. The accrual basis of accounting is described in Note 1 to the financial statements.
De Minimis Rate Used: N
Rate Explanation: None
Federal grants received by the Academy are subject to review and audit by grantor agencies. The Academy’s management believes that the results of such audits will not have a material effect on the SEFA.