Notes to SEFA
Title: Risk Based Audit Approach
Accounting Policies: The accompanying schedule of federal awards is presented on the modified accrual basis of accounting as described in Note 1 to the Schools financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The 2021 threshold for determining Type A and Type B Programs is $750,000. The following program was audited as major, CFDA Program 84.425: Elementary and Secondary Schools Emergency Relief Fund. The amount expended under programs audited as major federal programs for the year ended June 30, 2022 totaled $1,710,251 or 58% of total federal awards.
Title: Reporting Entity
Accounting Policies: The accompanying schedule of federal awards is presented on the modified accrual basis of accounting as described in Note 1 to the Schools financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
People for People Charter School (the School) is the reporting entity for financial reporting purposes as defined in Note 1 to the Schools financial statements. All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies is included on the schedule.