Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule 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 expenses are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Paul Public Charter School did not request reimbursement of any indirect costs for federal grants; and therefore, no indirect cost rate was utilized.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Paul Public Charter School, Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of Paul Public Charter School, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows of Paul Public Charter School, Inc.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the Schedule 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 expenses are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Paul Public Charter School did not request reimbursement of any indirect costs for federal grants; and therefore, no indirect cost rate was utilized.
Expenditures reported in the Schedule 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 expenses are not allowable or are limited to reimbursement.
Title: NOTE C – INDIRECT COST RATE
Accounting Policies: Expenditures reported in the Schedule 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 expenses are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Paul Public Charter School did not request reimbursement of any indirect costs for federal grants; and therefore, no indirect cost rate was utilized.
Paul Public Charter School, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.