Notes to SEFA
Accounting Policies: NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of Regional School District No. 19, under programs of the federalgovernment for the year ended June 30, 2022. The information in the Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Regional SchoolDistrict No. 19, it is not intended to, and does not, present the financial position, changes infund balance or changes in net position of Regional School District No. 19Basis of AccountingExpenditures reported on the Schedule are reported using the modified accrual basis ofaccounting. Such expenditures are recognized following the cost principles contained in theUniform Guidance. Under these principles certain types of expenditures are not allowable orare limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.