Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: LEARN has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under
the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of
the Lawndale Educational and Regional Network Charter School (“LEARN”) under programs of the federal government
for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements
of Title 2 U.S. Code of Federal Regulations 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 LEARN, it is not intended to and does not present the financial position, changes in net assets, or cash
flows of LEARN.
Title: INSURANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: LEARN has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under
the Uniform Guidance.
Insurance coverage for the year ended June 30, 2023 was as follows:
Umbrella $10,000,000
Property and liability $69,465,000
Commercial General Liability $11,000,000
Directors and officers $7,000,000
Cyber liability $1,000,000
Workers’ compensation $500,000 limit per employee
There were no federal funds expended for insurance during the year ended June 30, 2023.
Title: NON‐CASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: LEARN has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under
the Uniform Guidance.
LEARN received non‐cash federal awards in the form of commodities in the amount of $156,955 during the year ended
June 30, 2023.
Title: FEDERAL AWARDS IN THE FORM OF LOANS / LOAN GUARANTEES / INTEREST SUBSIDIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in Title 2 Uniform Guidance, wherein certain types of expenditures
are not allowable or are limited as to reimbursement.
Pass‐through entity identifying numbers are presented when applicable and available.
De Minimis Rate Used: N
Rate Explanation: LEARN has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under
the Uniform Guidance.
There were no federal awards expended in the form of loans, loan guarantees, or interest subsidies at June 30, 2023.