Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Rochester Community Unit School District No. 3A and is presented on the cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the [General-Purpose or Basic] financial statements. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The District maintains its accounting records for all funds and account groups on the cash basis of accounting under guidelines prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash transactions. Cash basis financial statements omit recognition of receivables and payables and other accrued and deferred items that do not arise from previous cash transactions. The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Rochester Community Unit School District No. 3A. Federal awards passed through other government agencies are included on the schedule. Such amounts received as pass-through awards are specifically identified on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Of the federal expenditures presented in the Schedule of Expenditures of Federal Awards, the Rochester Community Unit School District No. 3A provided no federal awards to subrecipients.
Title: Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Rochester Community Unit School District No. 3A and is presented on the cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the [General-Purpose or Basic] financial statements. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The District maintains its accounting records for all funds and account groups on the cash basis of accounting under guidelines prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash transactions. Cash basis financial statements omit recognition of receivables and payables and other accrued and deferred items that do not arise from previous cash transactions. The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Rochester Community Unit School District No. 3A. Federal awards passed through other government agencies are included on the schedule. Such amounts received as pass-through awards are specifically identified on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The District receives awards under various federal grant programs which must be expended according to provisions established by the various grants. Compliance with the grant provisions are subject to audit by the various granting agencies which may impose sanctions in the event of non-compliance. Management believes they have complied with all aspects of the grant provisions and they feel the results of any adjustments would have an immaterial impact on the financial statements taken as a whole.
Title: INSURANCE, LOANS AND LOAN GUARANTEES OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Rochester Community Unit School District No. 3A and is presented on the cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the [General-Purpose or Basic] financial statements. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The District maintains its accounting records for all funds and account groups on the cash basis of accounting under guidelines prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash transactions. Cash basis financial statements omit recognition of receivables and payables and other accrued and deferred items that do not arise from previous cash transactions. The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Rochester Community Unit School District No. 3A. Federal awards passed through other government agencies are included on the schedule. Such amounts received as pass-through awards are specifically identified on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
As of June 30, 2022, there was no federal insurance in effect and no loans or loan guarantees outstanding.
Title: Financial Statement Finding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Rochester Community Unit School District No. 3A and is presented on the cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the [General-Purpose or Basic] financial statements. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The District maintains its accounting records for all funds and account groups on the cash basis of accounting under guidelines prescribed by the Illinois State Board of Education. Accordingly, revenues are recognized and recorded in the accounts which cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of cash. Assets of a fund are only recorded when a right to receive cash exists which arises from a previous cash transaction. Liabilities of a fund, similarly, result from previous cash transactions. Cash basis financial statements omit recognition of receivables and payables and other accrued and deferred items that do not arise from previous cash transactions. The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Rochester Community Unit School District No. 3A. Federal awards passed through other government agencies are included on the schedule. Such amounts received as pass-through awards are specifically identified on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Illinois statutes require the District to maintain a minimum 25% bond coverage for all deposit account. Treasurer's Bond did not meet the minimum 25% bond coverage amount. The District increased the bond amount and corrected the treasurer's bond before the audit was completed.