Notes to SEFA
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 School’s financial statements. People for People Charter School did not use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: People for People Charter School elected not to use the 10% de minimis indirect cost rate.
People for People Charter School (the School) is the reporting entity for financial reporting purposes as defined in Note 1 to the School’s 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.
Title: Risked 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 School’s financial statements. People for People Charter School did not use the 10% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: People for People Charter School elected not to use the 10% de minimis indirect cost rate.
The 2024 threshold for determining Type A and Type B Programs is $750,000. The following program was audited as major: 84.425 - Elementary and Secondary Schools Emergency Relief Fund and 84.010 - Title I, Imporving Basic Programs. The amount expended under programs audited as major federal programs for the year ended June 30, 2024 totaled $2,382,406 or 76% of total federal awards.