Audit 58377

Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of Drexel Foundation for Educational Excellence, Inc. d/b/a Thea BowmanLeadership Academy (the School) under programs of the federal government for the year endedJune 30, 2022. The information in the Schedule is presented in accordance with the requirementsof Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSchedule presents only a selected portion of the operations of the School, it is not intended to anddoes not present the financial position, changes in net assets, functional expenses, or cash flows ofthe School.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 reimbursement.NOTE 3 - INDIRECT COST RATEThe School has elected not to use the 10 percent de minimis indirect cost rate allowed under theUniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.