Audit 340316

Title: Subrecipients Accounting Policies: Basis of Presentation the accompanying schedule of federal awards (the Schedule) includes the federal grant activity of LTTS Charter School, Inc. dba Universal Academy (the Academy) under programs of the federal government for the year ended August 31, 2024. 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of the Academy, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Academy . Summary of Significant accounting Policies 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 are not allowable or are limited as to reimbusrement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Academy has elected not to use the 10% deminimis indirect cost rate as allowd under the Uniform Guidance The Academy did not provide federal awards to subrecipients.