Title: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of MacDowell Preparatory Academy (the Academy). The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of
Federal Regulations (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 the Academy and therefore
it is not intended to and does not present the financial position or changes in net position
of the Academy for year ended June 30, 2024. Expenditures reported on the schedule are
reported on the accrual basis of accounting. In addition, expenditures reported on the
schedule are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Academy has elected not to use 10 percent de minimis indirect cost rate allowed rate
allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of MacDowell Preparatory Academy (the Academy). The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of
Federal Regulations (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 the Academy and therefore
it is not intended to and does not present the financial position or changes in net position
of the Academy for year ended June 30, 2024. Expenditures reported on the schedule are
reported on the accrual basis of accounting. In addition, expenditures reported on the
schedule are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
Title: GRANT AUDITOR REPORT
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of MacDowell Preparatory Academy (the Academy). The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of
Federal Regulations (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 the Academy and therefore
it is not intended to and does not present the financial position or changes in net position
of the Academy for year ended June 30, 2024. Expenditures reported on the schedule are
reported on the accrual basis of accounting. In addition, expenditures reported on the
schedule are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Academy has elected not to use 10 percent de minimis indirect cost rate allowed rate
allowed under the Uniform Guidance.
Management has utilized the Grant Auditor Report in preparing the Schedule of
Expenditures of Federal Awards. Unreconciled differences, if any, have been disclosed to
the auditor.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of MacDowell Preparatory Academy (the Academy). The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of
Federal Regulations (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 the Academy and therefore
it is not intended to and does not present the financial position or changes in net position
of the Academy for year ended June 30, 2024. Expenditures reported on the schedule are
reported on the accrual basis of accounting. In addition, expenditures reported on the
schedule are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Academy has elected not to use 10 percent de minimis indirect cost rate allowed rate
allowed under the Uniform Guidance.
The Academy has elected not to use 10 percent de minimis indirect cost rate allowed rate
allowed under the Uniform Guidance.
Title: REPORT RE-ISSUANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of MacDowell Preparatory Academy (the Academy). The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of
Federal Regulations (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 the Academy and therefore
it is not intended to and does not present the financial position or changes in net position
of the Academy for year ended June 30, 2024. Expenditures reported on the schedule are
reported on the accrual basis of accounting. In addition, expenditures reported on the
schedule are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Academy has elected not to use 10 percent de minimis indirect cost rate allowed rate
allowed under the Uniform Guidance.
In the originally issued report, the summary of auditor’s results on page 10 indicated a
finding for non-compliance material to the financial statements. The material noncompliance
designation was in error. The reported budget overage was $11,919 with a
total budget of $5,266,100, an overage of 0.2%. Additionally, actual revenues were
$73,670 greater than the final budget so the Academy’s fund balance increased by more
than the budgeted amount. Although this budget overage warrants the attention of those
charged with governance, it is not non-compliance material to the financial statements.
The summary of auditor’s results section has been modified accordingly.
Title: SUBSEQUENT EVENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of MacDowell Preparatory Academy (the Academy). The information in this
schedule is presented in accordance with the requirements of the Title 2 U.S. Code of
Federal Regulations (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 the Academy and therefore
it is not intended to and does not present the financial position or changes in net position
of the Academy for year ended June 30, 2024. Expenditures reported on the schedule are
reported on the accrual basis of accounting. In addition, expenditures reported on the
schedule are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Academy has elected not to use 10 percent de minimis indirect cost rate allowed rate
allowed under the Uniform Guidance.
All subsequent events related to the major programs were evaluated through October 30,
2024, the date the accompanying reports were available to be issued. No significant event
was noted that required adjustment or disclosure in the report other than the item
discussed in Note 4.