Audit 55755

Title: Basis of Presentation Accounting Policies: All Federal grant operations of Statesmen College Preparation Academy for Boys PCS (theAcademy) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (the Single Audit). The Single Audit was performed in accordance with the provisionsof the U.S. Office of Management and Budget (OMB) Compliance Supplement (theCompliance Supplement). Compliance testing of all requirements, as described in theCompliance Supplement, was performed for the major grant programs noted below. Theprograms on the schedule of expenditures of Federal awards (the Schedule) represents allFederal award programs with fiscal year 2022, cash or non-cash expenditure activities. ForSingle Audit testing, we tested to ensure coverage of at least 40% of Federally granted funds.Actual coverage is 54%. The major programs tested are listed below. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying Schedule includes the Federal award activity of the Academy presented on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the cost principles contained in the Single Audit.