Audit 11079

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Rend Lake College District #521 (the College) under programs of the federal government for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Reqiurements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the College, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the College. Basis of Accounting. For financial reporting purposes, the College is considered a special-purpose government engaged only in business-type activities. Accordingly, the Colleges financial statements have been presented using the economic resources and measurement focus and the accrual basis of accounting. The Colleges schedule of expenditures of federal awards is prepared in conformity with the same basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.