Audit 14560

Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Legacy 21, Inc. dba Legacy Preparatory Charter Academy (Academy). The information in this schedule is presented in accordance with the requirements of Title 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 Academy, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Academy. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: Y Rate Explanation: The Academy has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.