Audit 29512

Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Kingsman Academy Public Charter School under programs of the federal government for the year ended June 30, 2022. The information in the Schedule is presented 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 Kingsman Academy Public Charter School, it is not intended to and does not present the financial position, changes in the net assets, or cash flows of Kingsman Academy Public Charter School.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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 expenses are not allowable or are limited as to reimbursement. NOTE C INDIRECT COST RATEKingsman Academy Public Charter School has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. NOTE D RECONCILIATION TO THE FINANCIAL STATEMENTSExpenditures per the Schedule exclude $30,066 of federal funds provided under the Federal Communications Commission E-Rate program, which are reported as federal entitlements and other federal funds in the statement of activities. Funding under the Federal Communications Commission E-Rate program is considered to be federal funds, however, but do not qualify as direct financial support, and therefore, is exempt from Uniform Guidance requirements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.