Audit 23671

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalactivity of Satsuma City Board of Education under the programs of the federal government for theyear ended September 30, 2021. The information in this Schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Board, it is notintended to and does not present the financial position or changes in net position of Satsuma CityBoard of Education. The Schedule of Expenditures of Federal Awards is presented based on the modified accrual basisof accounting. Under the modified accrual basis of accounting, revenues are recognized whensusceptible to accrual (i.e., when they become both measurable and available). Measurablemeans the amount of the transaction can be determined and available means collectible withinthe current period or soon enough thereafter to be used to pay liabilities of the current period. Aone-year availability period is used for revenue recognition for all governmental fund revenues.Expenditures are recorded when the related liability is incurred. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.