Audit 339597

Title: SUBRECIPIENTS Accounting Policies: BASIS OF PRESENTATION The schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state award activity of the School under programs of the federal and state governments for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 assets or cash flows of the School. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported in the Schedule are on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement. The School has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The School has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The School had no amounts which were passed-through to subrecipients.