Notes to SEFA
Accounting Policies: The expenditures reported on the schedule 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. Negative amounts shown on the schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Indirect costs were calculated in accordance with 2 CFR §200.412 Direct and Indirect Costs. The Corporation did not elect to use the 10% de minimis cost rate as covered in 2 CFR §200.414 Indirect Costs. The California
Department of Education approved an indirect cost rate of 5.06% for both Altus Schools Charter School of San Diego and Altus Schools Audeo. Although indirect costs were approved for both schools within the Corporation, no indirect costs were charged to federal programs for the fiscal year ended June 30, 2024.