Notes to SEFA
Accounting Policies: The expenditures reported on the schedule are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negativeamounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business toamounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Indirect costs were calculated in accordance with 2 CFR ?200.412 Direct and Indirect Costs. The Corporation didnot elect to use the 10% de minimis cost rate as covered in 2 CFR ?200.414 Indirect Costs. The California Departmentof Education approved an indirect cost rate of 7.12% for Ambassador Phillip v. Sanchez II Public Charter School, arate of 7.49% for Crescent View South Public Charter School II, and a rate of 5.48% for Kings Valley Academy II.Although indirect costs were approved for all schools within the Corporation, no indirect costs were charged to federalprograms for the fiscal year ended June 30, 2022.