Audit 312740

Accounting Policies: NOTE 1: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Carrier Mills-Stonefort Community Unit School District #2 under programs of the federal government for the year ended June 30, 2022. The information in the 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 Carrier Mills-Stonefort Community Unit School District #2, it is not intended to and does not present the financial position or changes in fund balances of the District.Federal awards received are reflected in the Districts basic financial statements within the Education Fund as receipts from federal sources.Amount reported in the accompanying schedule of expenditures of federal awards agree with the amounts reported in the Program Financial Reports for programs which have filed final reports at June 30, 2022 with the Illinois State Board of Education.NOTE 2: Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles of the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.NOTE 3: Indirect Cost RateCarrier Mills-Stonefort Community Unit School District #2 has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.