Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of federal awards (the Schedule) includes the federal grant activity ofVanguard Academy, Inc. under programs of the federal government for the year ended August 31, 2022.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operation of Vanguard Academy, Inc., it is not intended to and does not present the financialposition, changes in net assets or cash flows of Vanguard Academy, Inc.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.