Notes to SEFA
Note 1 The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Philips Academy Charter School of Paterson (the "Charter School") for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Charter School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Charter School.
Note 2 Expenditures reported on the Schedule are reported on a modified accrual basis of accounting. Such expenditures are recognized as expended, following, as applicable, the cost principles contained in Uniform Guidance.
Note 3 Charter School elected not to use the 10% de minimus indirect cost rate allowed by Uniform Guidance.