Audit 25982

Accounting Policies: 1. The accompanying Schedules of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Gateway Science Academy of St. Louis, Missouri, under programs of the federal government for the year ended June 30, 2022. The information in the 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Gateway Science Academy, St. Louis, Missouri, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Academy. 2. The Schedule of Expenditures of Federal Awards is presented using the modified cash basis of accounting, which is described in Note 1 of the Academy's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Commodities received and expended are valued by the Food Service Section of the Department of Elementary and Secondary Education. 3. The Academy did not provide funds to subrecipients in the current year. 4. The Academy has not elected to use the 10% de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.