Audit 27285

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Valley StreamCentral High School District under programs of the federal government for the year ended June 30, 2022. The information in theSchedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Basis of AccountingExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized followingthe cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparationof, the basic financial statements.Use of SubrecipientsThere were no awards passed through to subrecipients.De Minimis Indirect Cost RateThe District has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.Food DonationNonmonetary assistance is reported in the schedule at the fair market value of the food commodities received. At June 30, 2022, theSchool District had food commodities totaling $57,243 in inventory.Donated Personal Protective Equipment (Unaudited)During the emergency period of COVID-19, federal agencies and recipients of federal assistance funds donated personal protectiveequipment (PPE) to non-federal entities. In connection with that donation, the recipient must disclose the estimated value of donatedPPE, but such amounts are not included in the Schedule of Expenditures of Federal Awards. The School District did not receive anydonated PPE during the reporting year.Cluster ProgramsThe following programs are identified by OMB Compliance Supplement to be part of a cluster of programs:U.S. Department of AgricultureNutrition ClusterAL #10.553 School Breakfast ProgramAL #10.555 National School Lunch ProgramU.S. Department of EducationSpecial Education ClusterAL #84.027 Special Education Grants to States (IDEA, Part B) De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.