Audit 304182

Title: NOTE 1 —BASIS OF PRESENTATION Accounting Policies: NOTE 1 —BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of Templeton Unified School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles for Federal Awards (Uniform Guidance), therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. The District has not elected to use the ten percent de minimus cost rate as covered ïn Section 200.414 Indirect (F&A) costs of the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The District did not elect to use the de minimus cost rate. The accompanying schedule of expenditures of federal awards includes the federal grant activity of Templeton Unified School District and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U. S Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles for Federal Awards (Uniform Guidance), therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. The District has not elected to use the ten percent de minimus cost rate as covered ïn Section 200.414 Indirect (F&A) costs of the Uniform Guidance.