Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the School
District’s general ledger. Federal expenditures are recorded when an allowable cost is incurred
under the applicable program and is due and payable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal
grant activity of the Cooperstown Central School District (the 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 School District, it is not intended to and does not present the financial
position or the respective changes in financial position of the governmental activities, each major
fund, and the aggregate remaining fund information of the School District.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the School
District’s general ledger. Federal expenditures are recorded when an allowable cost is incurred
under the applicable program and is due and payable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the School
District’s general ledger. Federal expenditures are recorded when an allowable cost is incurred
under the applicable program and is due and payable.
Title: PASS-THROUGH PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the School
District’s general ledger. Federal expenditures are recorded when an allowable cost is incurred
under the applicable program and is due and payable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Where the School District receives funds from a government entity other than the federal
government (pass-through), the funds are accumulated based upon the Assistance Listing (AL)
number advised by the pass-through grantor.
Identifying numbers, other than the Assistance Listing Numbers, which may be assigned by
pass-through grantors, are not maintained in the School District’s financial management system.
The School District has identified certain pass-through identifying numbers and included them
in the Schedule, as available.
Title: INDIRECT COSTS
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the School
District’s general ledger. Federal expenditures are recorded when an allowable cost is incurred
under the applicable program and is due and payable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Indirect costs are not included in the reported expenditures as they are not included in the federal
funding for each program. The School District has not elected to use the 10 percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
Title: MATCHING COSTS
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the School
District’s general ledger. Federal expenditures are recorded when an allowable cost is incurred
under the applicable program and is due and payable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Matching costs, i.e., the School District’s or State’s share of certain program costs, are not
included in the reported expenditures.
Title: NON-MONETARY FEDERAL PROGRAM
Accounting Policies: Expenditures reported on the Schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the School
District’s general ledger. Federal expenditures are recorded when an allowable cost is incurred
under the applicable program and is due and payable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
The District is the recipient of a federal financial 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 received food commodities, the fair value of which amounted to $24,439, is
presented in the Schedule as National School Lunch Program (Division of Donated Foods,
AL#10.555) and was considered in the District’s single audit.