Audit 23726

Title: NONMONETARY ASSISTANCE Accounting Policies: A Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Consolidated School District No. IV under programs of the federal government for the year ended June 30, 2022. The information in this 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 Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Consolidated School District No. IV, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Consolidated School District No. IV. B. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash 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. C. Indirect Cost Rate: The District has elected not to use the 10-percent de minim is indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The District receives commodities under the Food Distribution Program. The amount of expenditures presented on the Schedule of Expenditures of Federal Awards represent donated commodities used, which totaled $166,162 valued at the cost assigned to those commodities by the U.S. Department of Agriculture.