Audit 326390

Accounting Policies: 1. SUMMARY OF SIGNIFICIANT ACCOUNTING POLICIES The accompanying Schedule of Expenditures of Federal Awards includes the Federal grant activity of the Forestville Central School District under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of the Forestville Central School District, it is not intended to and does not present the financial position, changes in net position or cash flows of the Forestville Central School District. The following notes were identified on the Schedule: A.) Includes all federal award programs of the Forestville Central School District. B.) Source: Federal Assistance Listing Numbers. C.) Pass-through entity identifying numbers are presented where available. D.) Prepared under accounting principles generally accepted in the United States of America and includes all federal programs. 2. BASIS OF ACCOUNTING The District used the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled with the District’s financial reporting system. 3. INDIRECT COSTS The District does not use the 10% de minimum indirect cost rate introduced by the Uniform Guidance. 4. NON-MONETARY FEDERAL PROGRAM The District is the recipient of a federal award program that does not result in cash receipts or disbursements (termed a “non-monetary program.”) During the year ended June 30, 2024, the District used $14,346 worth of commodities. De Minimis Rate Used: N Rate Explanation: The District does not use the 10% de minimus cost rate introduced by the Uniform Guidance.