Audit 23073

Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity ofTeays Valley Local School District, Pickaway County, Ohio (the District) under programs of the federal governmentfor the fiscal year ended June 30, 2022. The information on this Schedule is prepared in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of operations of the District, it is not intended to and does not present the financial position, changes innet position, or cash flows of the District.NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on cash basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not beallowable or may be limited as to reimbursement.NOTE C - INDIRECT COST RATECFR Section 200.414 of the Uniform Guidance allows a non-federal entity that has never received a negotiated indirectcost rate to charge a de minimis rate of 10% of modified total direct costs to indirect costs. The District has elected notto use the 10-percent de minimis indirect cost rate.NOTE D - CHILD NUTRITION CLUSTERThe District commingles cash receipts from the U.S. Department of Agriculture with similar State grants. Whenreporting expenditures on this Schedule, the District assumes it expends federal monies first.NOTE E - FOOD DONATION PROGRAMThe District reports commodities consumed on the Schedule at the entitlement value. The District allocated donatedfood commodities to the respective program that benefited from the use of those donated food commodities.NOTE F - TRANFERS BETWEEN PROGRAM YEARSFederal regulations require schools to obligate certain federal awards by June 30. However, with Ohio Department ofEducations consent, schools can transfer unobligated amounts to the subsequent fiscal years program.The District transferred the following amount from 2022 to 2023 programs:AL AmountProgram Title Number TransferredNational School Lunch Program - Cash Assistance 10.555 $ 113,520School Breakfast Program - Cash Assistance 10.553 30,592 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.