Audit 10571

Title: Significant Accounting Polices Accounting Policies: General: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Libertyville Elementary School District No. 70. The District's reporting entity is defined in Note 1 to the District's financial statements. Federal awards passed through other government agencies are included in the schedule. Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis of accounting, which is described in Note 1 to the District's financial statements. Relationship to Basic Financial Statements: Federal awards received are reflected in the District's financial statements within the Educational Fund as receipts from federa sources. Relationship to Program Financial Reports: Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs, which have filed final reports as of June 30, 2023, with the Illinois State Board of Education. De Minimis Rate Used: N Rate Explanation: None needed General: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Libertyville Elementary School District No. 70. The District's reporting entity is defined in Note 1 to the District's financial statements. Federal awards passed through other government agencies are included in the schedule. Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis of accounting, which is described in Note 1 to the District's financial statements. Relationship to Basic Financial Statements: Federal awards received are reflected in the District's financial statements within the Educational Fund as receipts from federa sources. Relationship to Program Financial Reports: Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs, which have filed final reports as of June 30, 2023, with the Illinois State Board of Education.