Audit 356818

Title: Summary of Significant Accounting Policies Accounting Policies: [1] Basis of Accounting - The expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. [2] Indirect Cost Rate - Jumoke Academy, Inc. calculates indirect rates in accordance with the Uniform Guidance and has not elected to use the 10% de minimis cost rate. De Minimis Rate Used: N Rate Explanation: Jumoke Academy, Inc. calculates indirect rates in accordance with the Uniform Guidance and has not elected to use the 10% de minimis cost rate. [1] Basis of Accounting - The expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. [2]

Title: Indirect Cost Rate Accounting Policies: [1] Basis of Accounting - The expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the accrual basis of accounting. Such expenditures are recognized following cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursements. [2] Indirect Cost Rate - Jumoke Academy, Inc. calculates indirect rates in accordance with the Uniform Guidance and has not elected to use the 10% de minimis cost rate. De Minimis Rate Used: N Rate Explanation: Jumoke Academy, Inc. calculates indirect rates in accordance with the Uniform Guidance and has not elected to use the 10% de minimis cost rate. Jumoke Academy, Inc. calculates indirect rates in accordance with the Uniform Guidance and has not elected to use the 10% de minimis cost rate.