Audit 332104

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNZIED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. De Minimis Rate Used: N Rate Explanation: THE MANCHESTER LOCAL SCHOOL DISTRICT HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE. EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. 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.

Title: INDIRECT COST RATE Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE CASH BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNZIED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. De Minimis Rate Used: N Rate Explanation: THE MANCHESTER LOCAL SCHOOL DISTRICT HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE. THE MANCHESTER LOCAL SCHOOL DISTRICT HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.