Notes to SEFA
Title: 1. 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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: DC Prep has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of DC Prep under programs of the federal government for the year ended June 30, 2023. 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). Because the schedule presents only a selected portion of the operations of DC Prep, it is not intended to and does not present the financial position, changes in net assets, or cash flows of DC Prep.
Title: 2. Basis of Accounting
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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: DC Prep has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the SEFA 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
Title: 3. 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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: DC Prep has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
DC Prep has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 4. Reconciliation of the Schedule of Expenditures of Federal Awards to the Consolidated Statement of Activities
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 the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: DC Prep has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The expenditures per the schedule of expenditures of federal awards are reported in the consolidated statement of activities is as follows:
Expenditures per schedule of federal awards $ 9,911,540
Prior period revenue adjustment from Medicaid 394,673
E-rate program revenue 86,285
Prior year revenue adjustment from federal grant 12,862
Total Federal Grants and Entitlements Reported
in the Consolidated Statements of Activities $ 10,405,360
Federal grants $ 8,234,413
Federal entitlements 2,170,947
Total Federal Grants and Entitlements Reported
in the Consolidated Statements of Activities $ 10,405,360