Audit 20477

Accounting Policies: The supplemental schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state grant activity of PreEminence Institute of Learning, Inc. d/b/a PreEminent Charter School under programs of the federal and state government for the year ended June 30, 2022. 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 (the "Uniform Guidance") and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of PreEmience Institute of Learning, Inc. d/b/a PreEminent Charter School, it is not intended to and does not present the financial position, changes in net position, or cash flows, if applicable, of PreEminence Institute of Learning, Inc d/b/a/ PreEminent Charter School. Expenditures reported in the Schedule are reported on the same basis of accounting as the basic financial statements. Such expenditures, except for those related to CRFDA 21.019, Coronavirus Relief Fund (CRF), 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. CRF does not apply 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, but rather applies the U.S. Department of Treasury's guidance and frequently asked questions, as codified in the Federal Register. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. PreEminence Institute of Learning, Inc d/b/a PreEminent Charter School has not elected to use the 10-percent de minimus indirect cost rate to recover indirect costs as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Academy has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.