Audit 15396

Title: Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards 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, using the modified accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in the financial statements. The School does not charge a de minimis indirect cost rate. Because the schedule presents only a selected portion of the operations of Community Leadership Academy, Inc., it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of Community Leadership Academy, Inc. De Minimis Rate Used: N Rate Explanation: No indirect costs noted. The accompanying schedule of expenditures of federal awards 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, using the modified accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in the financial statements. The School does not charge a de minimis indirect cost rate. Because the schedule presents only a selected portion of the operations of Community Leadership Academy, Inc., it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of Community Leadership Academy, Inc.