Audit 331638

Title: Basis of Presentation Accounting Policies: A description of the District's basis of accounting (cash basis) De Minimis Rate Used: Y Rate Explanation: Community Consolidated School District #328 has elected to use the 10% de minimis indirect cost rate The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Community Consolidated School District #328 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 Community Consolidated School District #328, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Community Consolidated School District #328.

Title: Summary of Significant Accounting Policies Accounting Policies: A description of the District's basis of accounting (cash basis) De Minimis Rate Used: Y Rate Explanation: Community Consolidated School District #328 has elected to use the 10% de minimis indirect cost rate Expenditures reported on the Schedule are reported on the modified cash basis of accounting, a basis of accounting other than accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-122, Cost principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Because the Schedule reports expenditures that are subject to reimbursement at a later date, a timing difference exists between when we expend the funds and when the reimbursements are received. A reconciliation of expenditures paid and related revenues receives follows:

Title: Indirect Cost Rate Accounting Policies: A description of the District's basis of accounting (cash basis) De Minimis Rate Used: Y Rate Explanation: Community Consolidated School District #328 has elected to use the 10% de minimis indirect cost rate Community Consolidated School District #328 has elected to use the 10% de minimis indirect cost rate