Audit 10965

Title: Purpose of the Schedule Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of Regional School Unit No. 34 for the fiscal year ended June 30, 2023. The reporting entity is defined in the notes to the basic financial statements of Regional School Unit No. 34. B. Basis of Presentation - The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance. 1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. 2. Major Programs - The Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for Regional School Unit No. 34 are identified in the summary of auditor’s results section in the schedule of findings and questioned costs. C. Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the modified accrual basis of accounting, which is consistent with the reporting in the entity’s fund financial statements. De Minimis Rate Used: N Rate Explanation: Regional School Unit No. 34 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), requires a schedule of expenditures of federal awards showing total expenditures for each federal award program as identified in the Assistance Listing in the System for Award Management.