Audit 14156

Accounting Policies: 1. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of The Laboratory Charter School (“the School”), and is presented on the 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”). 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, or cash flows of the School. 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. 3. Indirect Cost Rate The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance for the year ended June 30, 2023. 4. Subrecipient Awards The School did not pass-thru awards to subrecipients for the year ended June 30, 2023. De Minimis Rate Used: N Rate Explanation: The School has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance for the year ended June 30, 2023.