Audit 293791

Accounting Policies: NOTE A – BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Horizon Science Academy of Columbus (the Academy) under programs of the federal government for the year ended June 30, 2023. The information on this Schedule is prepared 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 Academy, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Academy. NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. NOTE C – INDIRECT COST RATE The Academy has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. NOTE D - CHILD NUTRITION CLUSTER The 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 - TRANSFERS The following amounts were transferred to the Schoolwide Building Program Fund based on ODE administrative action and transferability guidelines during fiscal year 2023: SCHOOLWIDE POOL Fund ALN Transfer In Transfer Out Schoolwide Building Program Fund N/A $292,890 Title I Grants to Local Education Agencies 84.010 193,845 Special Education - Grants to States 84.027 56,022 Student Support and Academic Enrichment 84.424 17,444 English Language Acquisition State Grants 84.365 12,145 Improving Teacher Quality State Grants 84.367 13,434 Total Schoolwide Pool 292,890 292,890 De Minimis Rate Used: N Rate Explanation: N/A