Audit 329728

Title: 1. BASIS FOR PRESENTATION Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting as described in Note 1 to the District's basic financial statements. Such 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. Previously the District's SEFA has been presented on a cash basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes federal grant activity of Washakie County School District #1. The information in the schedule is presented in accordance with requirements of Title 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.

Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting as described in Note 1 to the District's basic financial statements. Such 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. Previously the District's SEFA has been presented on a cash basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Federal program expenditures included in the accompanying schedule are presented on the modified accrual basis of accounting as described in Note 1 to the District's basic financial statements. Such 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. Previously the District's SEFA has been presented on a cash basis of accounting. The District did not pass through any funds to subrecipients. There were no loans/loan guarantees. Items with an asterisk (*) are major programs. Non-monetary assistance is reported in the SEFA at fair market value of commodities received and disbursed.