Title: BASIS OF PRESENTATION
Accounting Policies: Federal awards are accounted for using the modified cash basis of accounting. The Schedule reflects the modified cash basis of accounting in which revenues are recognized when received and expenditures are recognized when spent.
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) summarizes the expenditures of Panhandle Community Unit School District No. 2 under programs of the federal government for the fiscal year ended June 30, 2022. Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in fund balance, revenues and expenditures of the District.For purposes of the Schedule, federal awards include all grants, contracts and similar agreements entered into directly between the District and agencies and departments of the federal government and all sub-awards to the District by nonfederal organizations pursuant to federal grants, contracts, and similar agreements. The schedule presents expenditures by federal agency for the Districts major and nonmajor programs in accordance with the provisions of the U.S. Office of Management and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Title: SUBRECIPIENTS
Accounting Policies: Federal awards are accounted for using the modified cash basis of accounting. The Schedule reflects the modified cash basis of accounting in which revenues are recognized when received and expenditures are recognized when spent.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
None.
Title: NONMONETARY DISTRIBUTIONS
Accounting Policies: Federal awards are accounted for using the modified cash basis of accounting. The Schedule reflects the modified cash basis of accounting in which revenues are recognized when received and expenditures are recognized when spent.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the District received $16,119 in non-cash funding through the Illinois State Board of Educations Child Nutrition program.
Title: INSURANCE
Accounting Policies: Federal awards are accounted for using the modified cash basis of accounting. The Schedule reflects the modified cash basis of accounting in which revenues are recognized when received and expenditures are recognized when spent.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District had no insurance as it relates to federal programs in effect for the year ended June 30, 2022.
Title: LOANS AND LOAN GUARANTEES
Accounting Policies: Federal awards are accounted for using the modified cash basis of accounting. The Schedule reflects the modified cash basis of accounting in which revenues are recognized when received and expenditures are recognized when spent.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District had no outstanding loans or loan guarantees from federal sources as of June 30, 2022.
Title: INDIRECT COST RATE
Accounting Policies: Federal awards are accounted for using the modified cash basis of accounting. The Schedule reflects the modified cash basis of accounting in which revenues are recognized when received and expenditures are recognized when spent.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District elected to use the 10% de minimis indirect cost rate.
Title: DONATED PERSONAL PROTECTIVE EQUIPMENT
Accounting Policies: Federal awards are accounted for using the modified cash basis of accounting. The Schedule reflects the modified cash basis of accounting in which revenues are recognized when received and expenditures are recognized when spent.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District did not receive any donated personal protective equipment from federal sources as of June 30, 2022.