Title: BASIS OF PRESENTATION AND ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified
accrual bases of accounting. Under the modified accrual basis of accounting, expenditures are
recognized when the related fund liability is incurred.
Federal grant programs which are administered through State agencies (pass-through awards) have
been included in this report.
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 and, therefore, some amounts presented in this schedule
may differ from amounts presented or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy elected not to utilize the 10% de minimus indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified
accrual bases of accounting. Under the modified accrual basis of accounting, expenditures are
recognized when the related fund liability is incurred.
Federal grant programs which are administered through State agencies (pass-through awards) have
been included in this report.
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 and, therefore, some amounts presented in this schedule
may differ from amounts presented or used in the preparation of the financial statements.
Title: DE MINIMIS INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified
accrual bases of accounting. Under the modified accrual basis of accounting, expenditures are
recognized when the related fund liability is incurred.
Federal grant programs which are administered through State agencies (pass-through awards) have
been included in this report.
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 and, therefore, some amounts presented in this schedule
may differ from amounts presented or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy elected not to utilize the 10% de minimus indirect cost rate.
The Academy elected not to utilize the 10% de minimus indirect cost rate.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified
accrual bases of accounting. Under the modified accrual basis of accounting, expenditures are
recognized when the related fund liability is incurred.
Federal grant programs which are administered through State agencies (pass-through awards) have
been included in this report.
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 and, therefore, some amounts presented in this schedule
may differ from amounts presented or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy elected not to utilize the 10% de minimus indirect cost rate.
The Academy did not pass through any grant funds to subrecipients for the year ended June 30,
2021.
Title: LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified
accrual bases of accounting. Under the modified accrual basis of accounting, expenditures are
recognized when the related fund liability is incurred.
Federal grant programs which are administered through State agencies (pass-through awards) have
been included in this report.
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 and, therefore, some amounts presented in this schedule
may differ from amounts presented or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Academy elected not to utilize the 10% de minimus indirect cost rate.
The Academy’s loan balance for the Community Facilities Loans and Grants program was
$13,914,562 for the year ended June 30, 2022.