Notes to SEFA
Title: Note 3. Subrecipients.
Accounting Policies: Note 1. Significant accounting policies used in preparing the schedule of expenditures of federal awards. The above schedule of expenditures of
federal awards includes the federal grant activity of Parnassus Preparatory School and is presented on the modified accrual basis of accounting.
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). Therefore, some amounts presented
in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2. Indirect Costs. Parnassus Preparatory School has not elected to use a de minimis indirect cost rate allowed under the Uniform Guidance.
Parnassus Preparatory School did not pass any federal awards through to subrecipients.
Title: Note 4. Non-Cash Assistance.
Accounting Policies: Note 1. Significant accounting policies used in preparing the schedule of expenditures of federal awards. The above schedule of expenditures of
federal awards includes the federal grant activity of Parnassus Preparatory School and is presented on the modified accrual basis of accounting.
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). Therefore, some amounts presented
in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Note 2. Indirect Costs. Parnassus Preparatory School has not elected to use a de minimis indirect cost rate allowed under the Uniform Guidance.
The above schedule includes $58,194 of non-cash assistance. This amount represents the value of commodities received
and disbursed for the U.S. Department of Agriculture National School Lunch Program (NSLP), Assistance Listing No. 10.555.