Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Ambition Preparatory Charter School (the Organization) under programs of the federal government for the year ended June 30, 2025. 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 Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized in accordance with the cost principles contained in 2 CFR Part 200, Subpart E – Cost Principles, which establish the allowability of costs for non-federal entities. As a result, certain types of expenditures may be unallowable or subject to limitations under federal award terms. Therefore, amounts reported in the SEFA may differ from those presented in, or used in the preparation of, the organization's financial statements.
The Organization has elected not to use the de minimis indirect cost rate allowed by the Uniform Guidance.
During the year ended June 30, 2025, Ambition Preparatory Charter School did not passthrough any federal awards to subrecipients.