Audit 34530

Title: REMAINING NOTES Accounting Policies: Note 1 - Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of International Training Careers, Inc. ("the School") under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with 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 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. Note 2 - 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Note 4 - Non-Cash AwardsThe School did not have any non-cash awards for the year ended June 30, 2022.Note 5 - SubrecipientsThere were no payments made to subrecipients for federal awards during the year ended June 30, 2022.Note 6 - Federal Direct Student Loan Program The School is responsible to originate and process but not to provide funding for the Federal Direct Student Loan Program. The amount presented above represents the value of the Federal Direct Student Loans awarded by the USDOE during the year.Note 7 - Major Program and ClusterAs defined in the Uniform Guidance, the Student Financial Assistance Programs are considered to be a cluster and accordingly, have been classified as one program for testing purposes. The Student Financial Assistance Cluster has been defined as a major program.