Audit 54266

Accounting Policies: Note 1 Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activityof NorthStar Academies, Inc. (the Organization) for the year ended June 30, 2022. Theinformation in the Schedule of Expenditures of Federal Awards is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements of Federal Awards, (Uniform Guidance).Because the Schedule presents only a selected portion of the operations, it is not intended to anddoes not present the financial position, change in net assets, or cash flows of the Organization.Note 2 Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursements, asapplicable.Note 3 Indirect Cost RateThe Organization did not elect to use the 10% de minimis indirect cost rate as allowed under theUniform Guidance.Note 4 ContingencyThe grant and contract revenue amounts received are subject to audit and adjustment. If anyexpenditures or expenses are disallowed by the grantor agencies as a result of such an audit, anyclaim for reimbursement to the grantor/contract agencies would become a liability of theOrganization. In the opinion of management, all grant and contract expenditures are in compliancewith the terms of the agreements and applicable Federal and state laws and other applicableregulations. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.