Title: Noncash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Perspectives Charter Schools, PCS 8522 S. Lafayette LLC, and PCS Project Support Corporation NFP (collectively, the School) under programs of the federal government for the year ended June 30, 2022. The information in the 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 (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 assets, functional expenses, or cash flows of the School. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass through entity identifying numbers are presented where available. The School has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The value of the noncash assistance received was determined in accordance with the provisions of the Uniform Guidance. During the year ended June 30, 2022, the School received noncash food commodities assistance under Assistance Listing Number 10.555 in the amount of $131,100. This amount is included in the Schedule.Other than the food commodities assistance received, there were no other amounts of noncash assistance, federal insurance, loans, or loan guarantees outstanding as of and for the year ended June 30, 2022.
Title: Noncash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Perspectives Charter Schools, PCS 8522 S. Lafayette LLC, and PCS Project Support Corporation NFP (collectively, the School) under programs of the federal government for the year ended June 30, 2022. The information in the 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 (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 assets, functional expenses, or cash flows of the School. Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The pass through entity identifying numbers are presented where available. The School has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The value of the noncash assistance received was determined in accordance with the provisions of the Uniform Guidance. During the year ended June 30, 2022, the School received noncash food commodities assistance under Assistance Listing #10.555 in the amount of $131,100. These amounts are included in the Schedule. Other than the food commodities assistance received, there were no other amounts of noncash assistance, federal insurance, loans, or loan guarantees outstanding as of and for the year ended June 30, 2022.