Audit 326779

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Organization The accompanying Schedule of Expenditures of Federal Awards represents all Federal awards administered by the Holland Patent Central School District. The School District’s organization is defined in Note 1 to the School District’s basic 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 of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements Cluster Programs The following programs are identified by “OMB Compliance Supplement” to be part of a cluster of programs: U.S. Department of Education Special Education Cluster ALN 84.027 Special Education - Grants to States (IDEA, Part B) ALN 84.173 Special Education - Preschool Grants (IDEA Preschool) U.S. Department of Agriculture Child Nutrition Cluster ALN 10.553 National School Breakfast Program ALN 10.555 National School Lunch Program ALN 10.555 Non-cash Assistance (Food Distribution) Indirect Cost Rate The School District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. 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 has food commodities in inventory of $9,219. 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 as allowed under the Uniform Guidance.