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: Y
Rate Explanation: PowerMyLearning, Inc. does not have a federally negotiated indirect cost rate on its federal contracts. PowerMyLearning, Inc. has made an election pursuant the Uniform Guidance to utilize the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the “schedule”) presents the activities in all the federal award programs of PowerMyLearning, Inc. for the year ended June 30, 2024. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or nonprofit organizations are included on the schedule and are 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 PowerMyLearning, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of PowerMyLearning, Inc.