Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) include the federal award activity of Democracy Prep at the Agassi Campus (the School) under programs of the federal government for the year ended June 30, 2025. The information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the 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 position, or cash flows of the School.
The school has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.