Audit 26374

Accounting Policies: Basis of PresentationThe Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Several programs are funded jointly by state or local appropriations and federal funds. Costs incurred in programs partially funded by federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below.Accrued and Deferred ReimbursementVarious reimbursement procedures are used for federal awards received by the Board. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Deferred balances at year-end represent an excess of cash reimbursements received over expenditures to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursements and expenditures will be reversed in the remaining grant period.De Minimis Indirect RateThe Ozark City Board of Education has not elected to use the 10% de minimis indirect rate as allowed in the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.