Audit 15867

Accounting Policies: NOTE A – BASIS OF PRESENTATION The schedule includes the federal award activity of the Horizon Science Academy Lorain under programs of the federal government for the fiscal year ended June 30, 2023 and is prepared in accordance with the accrual basis of accounting. The information on this schedule is prepared in accordance with the requirements of Title 2 US 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 Horizon Science Academy Lorain, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Horizon Science Academy Lorain. NOTE B – INDIRECT COST RATE CFR 200.414 allows a non-federal entity that has never received a negotiated indirect cost rate to charge a de minimis rate of 10% of modified total direct costs to indirect costs. The Academy has not elected to use the 10% de minimis indirect cost rate. NOTE C – PASS-THROUGH ENTITY NUMBERS OAKS did not assign pass-through entity numbers for fiscal year 2023. NOTE D – CHILD NUTRITION CLUSTER Commingled with state and local revenue from sales of breakfasts and lunches; assumed expenditures were made on a first-in, first-out basis. NOTE E – TRANSFERS TO SCHOOLWIDE BUILDING PROGRAM The following amounts were transferred to the Schoolwide Building Program Fund based on ODE administrative action and transferability guidelines during fiscal year 2023: SCHOOLWIDE POOL Fund ALN Transfer In Transfer Out Schoolwide Building Program Fund N/A $ 1,011,565 $ - Title I Grants to Local Education Agencies 84.010A - 666,078 Special Education - Grants to States 84.027A - 199,425 Special Education - Preschool Grants 84.173A - 2,278 English Language Acquisition State Grants 84.365A - 29,550 Supporting Effective Instruction 84.367A - 62,228 Student Support and Academic Enrichment 84.424A - 52,006 Total Schoolwide Pool $ 1,011,565 $ 1,011,565 NOTE F – FEDERAL AWARDS ADMINISTERED FOR OTHER GOVERNMENTS During fiscal year 2023, the Horizon Science Academy Lorain was appointed as lead local educational agency (LEA) and administrative fiscal agent for the Title III Consortium. In this capacity, the Horizon Science Academy Lorain received Title III monies from the U.S. Department of Education and reports these grants on their Schedule of Expenditures of Federal Awards and they are subject to audit during the Horizon Science Academy Lorain’s annual audit in accordance with Uniform Guidance. Awards that are reported by the Horizon Science Academy Lorain which benefit member community schools are as follows: Award Community School Amount Horizon Science Academy of Cleveland $ 830 Horizon Science Academy Denison Middle School 5,146 Horizon Science Academy Youngstown 3,818 Horizon Science Academy of Toledo 4,150 Horizon Science Academy of Springfield 664 Total $ 14,608 De Minimis Rate Used: N Rate Explanation: N/A