Audit 27777

Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of Horizon Science Academy Cincinnati (the Academy) under programs of the federal governmentfor the year ended June 30, 2022. The information on this Schedule is prepared in accordance with therequirements 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 Schedulepresents only a selected portion of the operations of the Academy, it is not intended to and does not presentthe financial position, changes in net position, or cash flows of the Academy.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.NOTE E - TRANSFERSThe following amounts were transferred to the Schoolwide Building Program Fund based on ODEadministrative action and transferability guidelines during fiscal year 2022:SCHOOLWIDE POOLFund CFDA Transfer In Transfer OutSchoolwide Building Program Fund N/A $287,073Title-I Non-competitive, Supplemental SI N/A 26,056Title I Grants to Local Education Agencies 84.010 200,319Special Education - Grants to States 84.027 32,098Special Education - Preschool Grants 84.173 41Student Support and Academic Enrichment 84.424 16,042English Language Acquisition State Grants 84.365 0Improving Teacher Quality StateGrants 84.367 12,516Total Schoolwide Pool 287,073 287,073 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.