Audit 32289

Accounting Policies: Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Independent School District No. 700 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 of Federal Awards (Uniform Guidance) Because the schedule presents only a selected portion of the operations of Independent School District No. 700, it is not intended to and does not present the financial position, changes in net position, or cash flows of Independent School District No. 700.Note 2 Significant Accounting PoliciesExpenditures reported on the schedules are reported on the 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. Pass-through entity identifying numbers are presented where available.Independent School District No. 700 has not elected to use the 10 percent de minimus indirect costs rate as allowed under Uniform Guidance.Note 3 Pass-Through Grant NumbersAll pass-through listed on the previous page use the same AL numbers as the federal grantors to identify these grants and have not assigned any additional identifying numbers.Note 4 SubrecipientsThe District had no subrecipients for the year ended June 30, 2022.Note 5 Correction to Prior Year Schedule of Expenditures of Federal AwardsThe following amounts were incorrectly excluded from the Schedule of Expenditures of Federal Awards for the year ended June 30, 2021. This amount did not affect the June 30, 2021 single audit testing:NATIONAL SCIENCE FOUNDATIONPassed-through College of St. ScholasticaComputer and Information Science and Engineering47.07013,084 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.