Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INSURANCE, LOANS, OR LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no insurance, loans, or loan guarantees outstanding as of and for the year ended June 30, 2023.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no amounts provided to subrecipients from any federal program during the year ended June 30, 2023.
Title: FEDERAL AWARDS FOR ENDOWMENT FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no federal awards for endowment funds that are federally restricted at year-end.
Title: VALUE OF NON-CASH COMMODITIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The value of non-cash commodities provided by the Illinois State Board of Education under the National School Lunch Program was $22,781 during the year ended June 30, 2023.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Great Lakes Academy Inc. under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 Great Lakes Academy Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Great Lakes Academy Inc.
De Minimis Rate Used: N
Rate Explanation: Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Great Lakes Academy Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.