Title: NOTE - 1 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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal
programs of Championship Academy of Distinction at Hollywood, Inc. (the “School”) for the year ended June
30, 2024. The information in this Schedule is presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Schools. 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.
Title: NOTE – 2 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Therefore, the amount of expenditures
presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial
statements.
The School has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE – 3 CONTINGENCIES
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Grant monies received and disbursed by the School are for specific purposes and are subject to review by the
grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based
on prior experience, the School does not believe that such disallowances, if any, would have a material effect on
the financial position of the School. As of June 30, 2024, management is not aware of any material questioned
or disallowed costs as a result of grant audits in process or completed.
Title: NOTE – 4 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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The School records expenditures of federal programs when paid in cash to a pass-through entity. For the year
ended June 30, 2024, the School did not pass through any funds to subrecipients as reflected in the Schedule.
Title: NOTE – 5 SUBSEQUENT EVENTS
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. Therefore, the amount of expenditures presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Subsequent events have been evaluated through March 27, 2025, which is the date the financial statements were
available to be issued. There were no events of this nature requiring recording or disclosure in the Schedule for
the year ended June 30, 2024.