Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principle in OMB Circular A-122, Cost Principles for Non-Profit Organization, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
There were no amounts passed through to subrecipients for the current fiscal year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: LEAD Public Schools, Inc. and Affiliates has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.