Audit 328256

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal award programs administered by Charter School for Applied Technologies and Affiliate (the School), an entity as defined in Note 1 to the School’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the School’s financial reporting system. The federal expenditures are recorded on the accrual basis of accounting. Indirect Costs The School does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Non-Monetary Federal Program The School is the recipient of a federal award program that does not result in cash receipts or disbursements, termed a “non-monetary program.” During the year ended June 30, 2024, the School used $63,980 worth of commodities under the National School Lunch Program (Assistance Listing Number 10.555). De Minimis Rate Used: N Rate Explanation: Indirect Costs The School does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Basis of Presentation The accompanying schedule of expenditures of federal awards (SEFA) presents the activity of all federal award programs administered by Charter School for Applied Technologies and Affiliate (the School), an entity as defined in Note 1 to the School’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the School’s financial reporting system. The federal expenditures are recorded on the accrual basis of accounting. Indirect Costs The School does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Non-Monetary Federal Program The School is the recipient of a federal award program that does not result in cash receipts or disbursements, termed a “non-monetary program.” During the year ended June 30, 2024, the School used $63,980 worth of commodities under the National School Lunch Program (Assistance Listing Number 10.555).