Audit 327117

Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Hankinson Public School District under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The amounts reported on the schedule have been reconciled to and are in agreement with amounts recorded in the accounting records from which the financial statements have been reported. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following the applicable cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement. The Hankinson Public School District has not elected to use the 10-perecnt de minimis cost rate as allowed under the Uniform Guidance. NOTE 3 – NONCASH AWARDS Non-monetary assistance is reported in the schedule of federal awards at the fair market value of commodities received and disbursed. De Minimis Rate Used: N Rate Explanation: NA