Audit 29560

Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of DC Scholars Public Charter School, Inc. 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 the 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 DC Scholars Public Charter School, Inc., it is not intended and does not present the financial position, changes in net assets, or cash flows of DC Scholars Public Charter School, Inc. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in 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 RATEDC Scholars Public Charter School, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE D RECONCILIATION TO THE CONSOLIDATED FINANCIAL STATEMENTSExpenditures per the Schedule exclude $13,289 of federal funds provided under the Federal Communications Commission E-Rate program, and $32,976 of federal funds provided under the American Rescue Plan Act, which are reported as federal entitlements and other federal funds, and federal grants in the consolidated statement of activities. Funding under these programs is considered to be federal funds, however, and do not qualify as direct financial support, and therefore, are exempt from Uniform Guidance requirements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.