Audit 49849

Accounting Policies: 1. GENERALThe accompanying schedule of expenditures of federal awards presents the activity of all federal award programs of the Charter Institute at Erskine, Inc. for the year ended June 30, 2022. The information in the schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).2. BASIS OF ACCOUNTINGThe accompanying SEFA has been prepared using the modified accrual basis of accounting. Expenditures reported on the SEFA are reporting 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.3. CHARTER SCHOOLSApproximately 92.87% of the federal awards received by the Institute were provided to the charter schools within the Institute. The amounts passed through to the charter schools are noted in a separate column in the SEFA.4. DE MINIMIS INDIRECT COST RATEThe Institute has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.