Audit 328355

Title: Basis of Presentation Accounting Policies: The accompanying Schedule was prepared on the accrual basis of accounting. The amounts reported as federal expenditures in the Schedule represent the expenditure of federal funds. The non-federal share of expenditures, if any, is excluded from the Schedule. 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: Fort Ann Central School District did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Fort Ann Central School District under programs of the federal government for the year ended June 30, 2024. All federal grant operations of the Fort Ann Central School District are included in the scope of the single audit. 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 Fort Ann Central School District, it is not intended to and does not present the financial position or changes in net position of the Fort Ann Central School District. The Schedule of Expenditures of Federal Awards (the Schedule) has been prepared for the period July 1, 2023 through June 30, 2024. This period corresponds with the fiscal year of the District.

Title: Non-Cash Assistance Accounting Policies: The accompanying Schedule was prepared on the accrual basis of accounting. The amounts reported as federal expenditures in the Schedule represent the expenditure of federal funds. The non-federal share of expenditures, if any, is excluded from the Schedule. 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: Fort Ann Central School District did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Nonmonetary assistance is reported in the Schedule at the fair market value of the commodities received and disbursed. For the year ended June 30, 2024, the District received food commodities totaling $12,413.