Audit 328646

Title: Nonmonetary Assistance Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Florence County School District No. 5 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 US 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 District, it is not inteded to and does not present the financial position, changes in net position, or cash flows of the District. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized follwoing the cost principles contained in the Uniform Guidance, wherin certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% rate. Indirect cost rates are established by the SCDOE. Non monetary assistance is reported in the Schedule at the fair market value of the commodities received and disbursed.

Title: Outstanding Debt Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Florence County School District No. 5 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 US 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 District, it is not inteded to and does not present the financial position, changes in net position, or cash flows of the District. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized follwoing the cost principles contained in the Uniform Guidance, wherin certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% rate. Indirect cost rates are established by the SCDOE. The total debt outstanding to the Office of Regulatory Staff was $441,414 as of June 30, 2014.

Title: Accounting System Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Florence County School District No. 5 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 US 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 District, it is not inteded to and does not present the financial position, changes in net position, or cash flows of the District. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized follwoing the cost principles contained in the Uniform Guidance, wherin certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% rate. Indirect cost rates are established by the SCDOE. The accounting system used by the SC LEA's does not allow for segregation of expenditures by fund sources in the food service fund. Thus, the subtotal amounts displayed under total expenditures for USDA exclude state and lcoal revenues.