Audit 27234

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual 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. De Minimis Rate Used: N Rate Explanation: The District received a negotiated indirect cost rate for federal awards and state projects; therefore, the District did not elect to charge de minimus rate of 10% for determining indirect cost amounts The Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Clay County District School Board under programs of the federal government for the fiscal year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations 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 the District, it is not intended to, and does not, present the financial position, change in net position, or cash flows of the District.

Title: Non-Cash Assistance - National School Lunch Program Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual 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. De Minimis Rate Used: N Rate Explanation: The District received a negotiated indirect cost rate for federal awards and state projects; therefore, the District did not elect to charge de minimus rate of 10% for determining indirect cost amounts Includes $2,392,074.24 of donated food received during the fiscal year. Donatedfoods are valued at fair value as determined at the time of donation.