Title: NOTE A- BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of East Preparatory Academy, Cuyahoga
County, Ohio (the School) under programs of the federal government for the year ended June 30, 2024. The information on this Schedule is prepared 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). Because the Schedule presents only a selected portion of the operations of the School, it is not intended to and does not
present the financial position, changes in net position, or cash flows of the School.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to
use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of East Preparatory Academy, Cuyahoga
County, Ohio (the School) under programs of the federal government for the year ended June 30, 2024. The information on this Schedule is prepared 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). Because the Schedule presents only a selected portion of the operations of the School, it is not intended to and does not
present the financial position, changes in net position, or cash flows of the School.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of East Preparatory Academy, Cuyahoga
County, Ohio (the School) under programs of the federal government for the year ended June 30, 2024. The information on this Schedule is prepared 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). Because the Schedule presents only a selected portion of the operations of the School, it is not intended to and does not
present the financial position, changes in net position, or cash flows of the School.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to
use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule 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 may or may not be allowable or may be limited as to reimbursement. The School has elected not to
use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C- CHILD NUTRITION CLUSTER
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of East Preparatory Academy, Cuyahoga
County, Ohio (the School) under programs of the federal government for the year ended June 30, 2024. The information on this Schedule is prepared 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). Because the Schedule presents only a selected portion of the operations of the School, it is not intended to and does not
present the financial position, changes in net position, or cash flows of the School.
De Minimis Rate Used: N
Rate Explanation: The School has elected not to
use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The School commingles cash receipts from the U.S. Department of Agriculture with similar State Grants. When reporting expenditures on this Schedule, the School
assumes it expends federal monies first.