Audit 39889

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of Walton Charter Academy under programs of the federal government for the yearended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Walton CharterAcademy, it is not intended to and does not present the financial position or changes in net positionof Walton Charter Academy. Expenditures reported on the Schedule are reported on the modified 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. Negativeamounts (if any) shown on the Schedule represent adjustments or credits made in the normal courseof business to amounts reported as expenditures in prior years. Pass-through entity identifyingnumbers are presented where available. Walton Charter Academy has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.Management has utilized the NexSys Cash Management System and the Grant Auditor Report inpreparing the Schedule of Expenditures of Federal Awards. The Academy does not pass-throughfederal awards. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.