Audit 338569

Title: Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Villages Charter School, Inc., and is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Direct costs were charged to the grants The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Villages Charter School, Inc., 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.

Title: Indirect Cost Rate Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of The Villages Charter School, Inc., and is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: Direct costs were charged to the grants The Villages Charter School, Inc. received a negotiated cost rate for federal awards; therefore, The Villages Charter School, Inc. did not elect the de minimus rate of 10% for determining indirect cost amounts.