Audit 326673

Title: Subrecipients Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state award activity of The Lincoln Academy, Inc. under programs of the federal and state government for the year ended June 30, 2024. The information in these schedules 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 ("Uniform Guidance") and State of Wisconsin Single Audit Guidelines. Because the schedules present only a selected portion of the operations of The Lincoln Academy, Inc., it is not intended to, and does not, present the financial position, changes in net position, or cash flows of The Lincoln Academy, Inc. Expenditures reported on the schedules 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 schedules represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The Lincoln Academy, Inc. has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Lincoln Academy, Inc. does not have subrecipients or subrecipent expenditures.