Audit 22575

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal awardactivity of the Odyssey Charter School, Inc. ("the Organization") during its fiscal year endedJune 30, 2022. The information in this schedule is presented in accordance with the requirementsof Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theschedule presents only a selected portion of the operations of the Organization, it is not intendedto and does not present the financial position, changes in net assets or cash flows of theOrganization.Expenditures on the schedule are reported on the accrual basis of accounting. Some amountspresented in this schedule may differ from amounts presented in or used in the preparation of thebasic financial statements.The Organization has elected to not use the 10% de minimis indirect cost rate allowed under theUniform Guidance.The grant revenue amounts received are subject to audit and adjustment. If any expenditures aredisallowed by the grantor agency as of result of such audit, any claim for reimbursement to thegrantor agencies would become a liability of the Organization. In the opinion of management, allgrant expenditures are in compliance with the terms of the grant agreements and applicablefederal and state laws and regulations. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.