Title: NOTE E LOAN PROGRAMS AND LOAN GUARANTEE PROGRAMS
Accounting Policies: NOTE C SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE D DE MINIMIS INDIRECT COST RATEIndependent School District No. 413, Marshall, Minnesota, has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Independent School District No. 413, Marshall, Minnesota, did not provide loan programs or loan guarantee programs, accordingly, there are no year-end loan balances.
Title: NOTE F DONATED FEDERALLY FUNDED PERSONAL PROTECTIVE EQUIPMENT
Accounting Policies: NOTE C SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE D DE MINIMIS INDIRECT COST RATEIndependent School District No. 413, Marshall, Minnesota, has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Independent School District No. 413, Marshall, Minnesota, did not receive any donated federally funded personal protective equipment.
Title: NOTE A REPORTING ENTITY
Accounting Policies: NOTE C SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE D DE MINIMIS INDIRECT COST RATEIndependent School District No. 413, Marshall, Minnesota, has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards presents the activities of federal award programs expended by Independent School District No. 413, Marshall, Minnesota. The Districts reporting entity is defined in Note 1 to the financial statements.
Title: NOTE B BASIS OF PRESENTATION
Accounting Policies: NOTE C SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. NOTE D DE MINIMIS INDIRECT COST RATEIndependent School District No. 413, Marshall, Minnesota, has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Independent School District No. 413, Marshall, Minnesota, under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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, changes in net assets, or cash flows of Independent School District No. 413, Marshall, Minnesota.