Notes to SEFA
Title: Basis of Presentation and Significant Accounting Policies
Accounting Policies: See Form tab for summary.
De Minimis Rate Used: N
Rate Explanation: The School has elected to not use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award
activity of Pinellas Preparatory Academy("the School") during 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 the School, it is not intended to and does not present
the financial position, changes in net assets or cash flows of the School.
Expenditures on the schedule are reported on the accrual basis of accounting. Some amounts
presented in this schedule may differ from amounts presented in or used in the preparation of the
financial statements.
The School has elected to not use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.