Audit 33000

Accounting Policies: 1.) Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federalaward activity of Franklin Special School District under programs of the federal government forthe year ended June 30, 2022. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the schedule presents only a selected portion of the operations of Franklin SpecialSchool District, it is not intended to and does not present the financial position, changes in netassets, or cash flows of Franklin Special School District.2.) Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown on the schedule represent adjustments or credits madein the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.