Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Ambition Preparatory Charter School under programs of the federal government for the year ended June 30, 2022. 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 Ambition Preparatory Charter School, it is not intended to and does not present the financial position,changes in net assets, or cash flows of Ambition Preparatory Charter School. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for NonProfit Organizations, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.