Audit 289536

Title: BASIS OF PRESENTATION Accounting Policies: All Federal grant operations of Statesmen College Preparation Academy for Boys PCS (theAcademy) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (the Single Audit). The Single Audit was performed in accordance with the provisionsof the U.S. Office of Management and Budget (OMB) Compliance Supplement (theCompliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the schedule of expenditures of Federal awards (the Schedule) represents all Federal award programs with fiscal year 2023, cash or non-cash expenditure activities. For Single Audit testing, we tested to ensure coverage of at least 40% of Federally granted funds. Actual coverage is 41%. The major program tested is listed below. De Minimis Rate Used: N Rate Explanation: The Academy has elected not to use the 10-percent de minimis indirect cost rate as allowedunder the Uniform Guidance. The accompanying Schedule includes the Federal award activity of the Academy presented onthe accrual basis of accounting. The information in the Schedule is presented in accordancewith the requirements of the cost principles contained in the Single Audit.