Audit 26857

Title: Note 1: Basis of presentation Accounting Policies: Basis of Accounting - Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the provisions of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-Through to Subrecipients - The School had not passed through any funding to subrecipients during the year ended June 30, 2022. De Minimis Rate Used: N Rate Explanation: The School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the "Schedule") includes the federal and state grant activity of Nashville Collegiate Prep (the "School"). The information in this Schedule is presented in accordance with the requirements of the state of Tennessee Department of Audit, Audit Manual. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the School, it is not intended to and does not present the financial position or changes in net position.