Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: Expenditures on the schedule of expenditures of federal awards (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. Paramount has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Paramount 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 grant activity of Paramount Schools of Excellence, Inc. (Paramount) for the year ended June 30, 2023, and is presented on the accrual basis of accounting. The information in this SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this SEFA may differ from amounts presented in or used in the preparation of the basic financial statements. The basic financial statement classifications may include other financial activity for reporting purposes.
Title: 3. AMOUNTS PASSED THROUGH TO SUBRECIPIENTS
Accounting Policies: Expenditures on the schedule of expenditures of federal awards (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. Paramount has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Paramount has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Paramount did not pass through any federal awards to subrecipients during 2023. In addition, there were no federal awards expended in the form of non-cash assistance and there were no loan guarantees outstanding or extended during 2023.
Title: 4. FAIR MARKET VALUE OF DONATED PERSONAL PROTECTIVE EQUIPMENT (UNAUDITED)
Accounting Policies: Expenditures on the schedule of expenditures of federal awards (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. Paramount has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Paramount has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During 2023, Paramount did not receive donated personal protective equipment from federal sources.