Title: Basis of presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Illinois Network of Charter Schools 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 (CFR) 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 Illinois Network of Charter Schools, it is not intended to and does not present the financial position, changes in net assets or cash flows of Illinois Network of Charter Schools
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Illinois Network of Charter Schools 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 (CFR) 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 Illinois Network of Charter Schools, it is not intended to and does not present the financial position, changes in net assets or cash flows of Illinois Network of Charter Schools
Title: Insurance, loans, or loan guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Illinois Network of Charter Schools 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 (CFR) 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 Illinois Network of Charter Schools, it is not intended to and does not present the financial position, changes in net assets or cash flows of Illinois Network of Charter Schools
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
There were no insurance, loans, or loan guarantees outstanding as of and for the year ended December 31, 2023.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Illinois Network of Charter Schools 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 (CFR) 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 Illinois Network of Charter Schools, it is not intended to and does not present the financial position, changes in net assets or cash flows of Illinois Network of Charter Schools
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Amounts provided to subrecipients from any federal program during the year ended December 31, 2023 are reported on the schedule of expenditures of federal awards.
Title: Federal awards for endowment funds
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Illinois Network of Charter Schools 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 (CFR) 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 Illinois Network of Charter Schools, it is not intended to and does not present the financial position, changes in net assets or cash flows of Illinois Network of Charter Schools
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
There were no federal awards for endowment funds that are federally restricted at year-end.
Title: Value of non-cash commodities
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Illinois Network of Charter Schools 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 (CFR) 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 Illinois Network of Charter Schools, it is not intended to and does not present the financial position, changes in net assets or cash flows of Illinois Network of Charter Schools
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
There were no non-cash commodities expended during the year ended December 31, 2023.
Title: Indirect cost rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) includes the federal grant activity of Illinois Network of Charter Schools 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 (CFR) 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 Illinois Network of Charter Schools, it is not intended to and does not present the financial position, changes in net assets or cash flows of Illinois Network of Charter Schools
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Illinois Network of Charter Schools has elected to use the 10 percent de minimus indirect cost rate under the Uniform Guidance.