Audit 314515

Title: Relationship to Financial Statements Accounting Policies: General The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal awards programs of The Association of Alaska School Boards (AASB). The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal financial assistance received directly from federal agencies is included on the SEFA. AASB’s reporting entity is defined in Note 1 to the financial statements. Basis of Accounting Expenditures reported on the SEFA are presented using the accrual basis of accounting, which is described in Note 2 of AASB's financial statements. 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 Association of Alaska School Boards has elected not to use the ten percent deminimis indirect cost rate as allowed under the Uniform Guidance. The following is a reconciliation of state revenues reported in The Association of Alaska School Boards' financial statements to state expenditures reported in the Schedule of Expenditures of Federal Awards: Federal grant revenue reported in the financial statements $ 5,506,730 Add: federal grants passed-thru the State of Alaska 92,671 Total federal expenditures as reported on the Schedule of Expenditures of Federal Awards $ 5,599,401