Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures 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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the Kane Area School District programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations, Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards Uniform Guidance. Because the Schedule presents only a selected portion of the operations of Kane Area School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Kane Area School District.
Title: Program Disclosures
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures 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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Food Distribution Donated Commodities Donated foods are priced at values provided by the USDA. For the year ended June 30, 2022, Kane Area School District expended $41,115 in donated food commodities, with an ending inventory totaling $9,830.
Title: Reconciliation of Revenue Recognized to Financial Statements
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures 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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
A reconciliation of revenues recognized on the Schedule of Expenditures of Federal Awards to the revenue reported on the financial statements follows:A.General FundTotal revenue recognized per the schedule of Expendituresof Federal Awards:U.S. Department of Education$2,205,043U.S. Department of Agriculture Schools & Roads207,794U.S. Department of Health and Human Services 10,697Total Federal Assistance$2,423,534Total Federal Revenues per Fund Financial Statements$2,068,320Add: Federal Revenue from I.U.: Regular IDEA Grant186,695 IDEA Section 619 & Early Intervention3,380ARP-IDEA42,424Schools and Roads Payment in Lieu of Taxes 207,7942,508,613Less: Access Medicaid Reimbursement (85,079)Total Federal Revenue as Adjusted$ 2,423,534B.Food Service FundTotal revenue recognized per the Schedule of Expendituresof Federal Awards:U.S. Department of Agriculture$ 747,305Total Federal Revenue per Fund Financial Statements$ 747,952Less: Increase in Donated Commodities Inventory (647) $ 747,305