Audit 296653

Accounting Policies: The accompanying schedule of federal awards (the “schedule”) includes the federal grant activity of Public Prep Charter School Academies and is presented on the accrual basis of accounting. The information in this schedule 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 amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Public Prep Charter School Academies has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance. No amounts were passed through to subrecipients. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.