Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on 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 expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of P.L.C. Charter Schools under programs of the federal government for the year ended June 30, 2024. 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 operations of P.L.C. Charter Schools, it is not intended to and does not present the financial position, changes in net assets, or cash flows of P.L.C. Charter Schools.
Title: Assistance Listing Number
Accounting Policies: Expenditures reported on 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 expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The program titles and assistance listing numbers were obtained from the federal or pass-through grantor or the sam.gov website.
Title: Cluster of Programs
Accounting Policies: Expenditures reported on 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 expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Clusters of programs are groupings of closely related programs that shre common compliance requirements. A cluster of programs is considered one program for determining major programs. See the Notes to the SEFA for Table.