Title: GENERAL INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of theSchool and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of the Uniform Guidance, and Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.Furthermore, the School does not receive any federal indirect costs.
The accompanying schedule of expenditures of federal awards presents the activities of the federalfinancial assistance programs of First Philadelphia Preparatory Charter School (the “School”). Financialawards received directly from federal agencies, as well as financial assistance passed through othergovernmental agencies or non-profit organizations, are included in the schedule.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of theSchool and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of the Uniform Guidance, and Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.Furthermore, the School does not receive any federal indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of theSchool and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of the Uniform Guidance, and Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the general purpose financial statements.
Title: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of theSchool and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of the Uniform Guidance, and Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.Furthermore, the School does not receive any federal indirect costs.
The schedule of expenditures of federal awards presents only a selected portion of the activities of theSchool. It is not intended to and does not present either the balance sheet, revenue, expenditures, orchanges in fund balances of governmental funds. The financial activity for the aforementioned awards isreported in the School’s statement of revenues, expenditures, and changes in fund balances -governmental funds.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of theSchool and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of the Uniform Guidance, and Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.Furthermore, the School does not receive any federal indirect costs.
The School provided no federal awards to subrecipients for the year ended June 30, 2023.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of theSchool and is presented on the accrual basis of accounting. The information in this schedule is presented inaccordance with the requirements of the Uniform Guidance, and Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of, the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The School has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.Furthermore, the School does not receive any federal indirect costs.
The School has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.Furthermore, the School does not receive any federal indirect costs.