Audit 26696

Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalaward activity of International Academy of Columbus (the Academy) under programs of the federalgovernment for the year ended June 30, 2022. The information on this Schedule is prepared inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the Academy, itis not intended to and does not present the financial position, changes in net position, or cash flows of theAcademy.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the cash basis of accounting. Such expendituresare recognized following the cost principles contained in Uniform Guidance wherein certain types ofexpenditures may or may not be allowable or may be limited as to reimbursement.NOTE C INDIRECT COST RATEThe Academy has elected not to use the 10-percent de minimis indirect cost rate as allowed under theUniform Guidance.NOTE D - CHILD NUTRITION CLUSTERThe Academy commingles cash receipts from the U.S. Department of Agriculture with similar State grants.When reporting expenditures on this Schedule, the Academy assumes it expends federal monies first. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.