Audit 329912

Title: Rural Education Achievement Program (REAP) Funds Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Petersburg 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 Petersburg School District, it is not intended to and does not present the financial position or changes in net position of Petersburg School District. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditure are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Petersburg School District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Under the Rural Education Achievement Program (REAP) the District is permitted to re-allocate funding between various Title programs to pay for activities that are allowable under the program. In the current year, the district re-allocated $35,856 of title II-A (ALN 84.367) funding and $11,970 of Title IV-A (ALN 84.424) funding to cover allowable costs under Title I-A (ALN 84.010).