Audit 4139

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The amounts reported as expenditures in this Schedule may differ from certain financial reports submitted to federal funding agencies, due to those reports being submitted on either the cash or modified cash basis of accounting De Minimis Rate Used: N Rate Explanation: The Academy Charter School 2 has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. No federal expenditures presented in this schedule were provided to subrecipients.