Audit 36463

Accounting Policies: The Schedule of Expenditures of Federal Awards (the "Schedule") includes federal grant activity of Arkansas Virtual Academy (ARVA) under programs of the federal government for the year ended June 30, 2022. 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 ARVA, it is not intended to and does not present the financial position or changes in financial position of ARVA. Expenditures reported on the Schedule are reported on the regulatory basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. During the year ended June 30, 2022, the School received Medicaid funding of $104,246 from the Arkansas Department of Human Services. Such payments are not considered Federal awards expended, and therefore, are not included in the Schedule. De Minimis Rate Used: N Rate Explanation: ARVA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.