Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activityof the Los Gatos-Saratoga Joint Union High School District (the District) under programs of the federalgovernment for the year ended June 30, 2022. The information is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents onlya selected portion of the operations of the District, it is not intended to and does not present the financialposition, changes in net position and fund balance of the District.Summary of Significant Accounting PoliciesExpenditures reported in the schedule are reported on the modified accrual basis of accounting. Whenapplicable, 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.