Audit 325150

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards represents all Federal awards administered by the Sidney Central School District. The School District’s organization is defined in Note 1 to the School District’s financial statements. Basis of Accounting The expenditures in the accompanying schedule are presented on an accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. FOOD DONATION Nonmonetary assistance is reported in the schedule at fair market value of the food commodities received. At June 30, 2024, the School District had food commodities totaling $9,853 in inventory. INDIRECT COST RATE The School District has not elected to use the 10% de minimis indirect cost rate. CLUSTER PROGRAMS The following programs are identified by “OMB Compliance Supplement” to be part of a cluster of programs: U.S. Department of Agriculture Nutrition Cluster AL #10.553 School Breakfast Program AL #10.555 National School Lunch Program AL #10.559 Summer Food Service Program U.S. Department of Education Special Education Cluster AL #84.027 Special Education - Grants to States (IDEA, Part B) AL #84.173 Special Education - Preschool Grants (IDEA Preschool) De Minimis Rate Used: N Rate Explanation: INDIRECT COST RATE The School District has not elected to use the 10% de minimis indirect cost rate.