Audit 344840

Title: Basis of Presentation 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 reimbursement. 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. Kingman Academy of Learning, Inc. did not elect the 10 percent de minimus indirect cost rate as covered in 2CFR 200.414. De Minimis Rate Used: N Rate Explanation: Kingman Academy of Learning, Inc. did not elect the 10 percent de minimus indirect cost rate as covered in 2CFR 200.414. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Kingman Academy of Learning, Inc. under programs of the federal government for the year ended June 30, 2024. 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Kingman Academy of Learning, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Kingman Academy of Learning, Inc..

Title: Federal Assistance Listing Numbers 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 reimbursement. 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. Kingman Academy of Learning, Inc. did not elect the 10 percent de minimus indirect cost rate as covered in 2CFR 200.414. De Minimis Rate Used: N Rate Explanation: Kingman Academy of Learning, Inc. did not elect the 10 percent de minimus indirect cost rate as covered in 2CFR 200.414. The program titles and federal assistance listing numbers were obtained from the 2024 Catalog of Federal Domestic Assistance.

Title: Subrecipients 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 reimbursement. 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. Kingman Academy of Learning, Inc. did not elect the 10 percent de minimus indirect cost rate as covered in 2CFR 200.414. De Minimis Rate Used: N Rate Explanation: Kingman Academy of Learning, Inc. did not elect the 10 percent de minimus indirect cost rate as covered in 2CFR 200.414. There were no subrecipient payments during the year.