Audit 29928

Accounting Policies: Note 1 - Basis of Presentation - the Accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Interdistrict School for Arts and Communication, Inc. (the School) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule id presented in accordance with the requirements of Title2 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 School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School. Note 2 - Summary of Significant Accounting Policies - The accounting policies of the School conform to U.S. generally accepted accounting principles as applicable to not-for-profit organizations. 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.