Audit 302150

Title: BASIS OF PRESENTATUION Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the grant activity of Learning Works Charter School and is presented on the accrual basis of accounting. The information in this 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. Therefore some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: Learning Works Charter School elected not to use the federally allowable 10 percent de minimis indirect cost rate. The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the grant activity of Learning Works Charter School and is presented on the accrual basis of accounting. The information in this 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. Therefore some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the grant activity of Learning Works Charter School and is presented on the accrual basis of accounting. The information in this 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. Therefore some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: Learning Works Charter School elected not to use the federally allowable 10 percent de minimis indirect cost rate. Expenditures 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 expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported in prior years.