Audit 326553

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Board of Education, City of Buffalo, New York (the Board), a component unit of the City of Buffalo, New York, an entity as defined in Note 1 to the Board’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The Board uses 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 programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Board’s financial reporting system. Indirect Costs The Board does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Non-Monetary Federal Program The Board is the recipient of a federal award program that does not result in cash receipts or disbursements, termed a “nonmonetary program.” During the year ended June 30, 2024, the Board used $1,609,058 worth of commodities under the National School Lunch Program (Assistance Listing Number 10.555). De Minimis Rate Used: N Rate Explanation: Indirect Costs The Board does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by Board of Education, City of Buffalo, New York (the Board), a component unit of the City of Buffalo, New York, an entity as defined in Note 1 to the Board’s basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The Board uses 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 programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Board’s financial reporting system. Indirect Costs The Board does not use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Non-Monetary Federal Program The Board is the recipient of a federal award program that does not result in cash receipts or disbursements, termed a “nonmonetary program.” During the year ended June 30, 2024, the Board used $1,609,058 worth of commodities under the National School Lunch Program (Assistance Listing Number 10.555).