Audit 42743

Accounting Policies: 1. Summary of Significant Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards presents the activity of all federal award programs administered by Global Concepts Charter School (the School), an entity as defined in Note 1 to the Schools financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the schedule of expenditures of federal awards. Basis of Accounting The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Schools financial reporting system. The federal expenditures are recorded on the accrual basis. Indirect Costs The School does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Non-Monetary Federal Program The School is the recipient of a federal award program that does not result in cash receipts or disbursements, termed non-monetary program. During the year ended June 30, 2022, the School used $53,418 worth of commodities under the National School Lunch Program (Assistance Number 10.555). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.