Audit 329580

Title: BASIS OF PRESENTATION Accounting Policies: Revenue from Federal Awards is recognized when the District has done everything necessary to establish its right to revenue. For governmental funds, revenue from federal grants is recognized when it becomes both measurable and available. Expenditures on the Schedule are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement.The District has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Grant Guidance. De Minimis Rate Used: N Rate Explanation: The District has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Grant Guidance. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Academy School District Twenty, Colorado Springs, Colorado (the District), under programs of the federal government for the year ended June 30, 2024 and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the District.

Title: NONCASH PROGRAMS Accounting Policies: Revenue from Federal Awards is recognized when the District has done everything necessary to establish its right to revenue. For governmental funds, revenue from federal grants is recognized when it becomes both measurable and available. Expenditures on the Schedule are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement.The District has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Grant Guidance. De Minimis Rate Used: N Rate Explanation: The District has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Grant Guidance. Commodities donated to the District by the United States Department of Agriculture (USDA) of $450,193 are valued based on the USDA's Donated Commodity Price List. These are shown as part of the National School Lunch Program, Assistance Listing Number 10.555.