Audit 346582

Title: Note 3—Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Valor Collegiate Academies under programs of the federal government for the year ended June 30, 2024 and is presented on the accrual basis of accounting. 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 operations of Valor Collegiate Academies, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of Valor Collegiate Academies. De Minimis Rate Used: N Rate Explanation: Valor Collegiate Academies did not elect to use the 10% de minimis cost rate allowed under the Uniform Guidance. Valor Collegiate Academies did not pass through any funding to subrecipients during fiscal year ended June 30, 2024.