Audit 332236

Accounting Policies: The reporting entity is fully described in Note 1 of the District’s Basic Financial Statements. The SEFA includes all federal programs administered by the District of the year ended June 30, 2024. The accompanying Schedule includes the federal award activity of the District under programs of the federal government for the year ended June 30, 2024. The information in the 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District. Pursuant to the Single Audit Act and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is included in federal financial assistance and, therefore, is reported on the SEFA, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals. Solicited contracts between the District and the federal government for which the federal government procedures tangible goods or services are not considered to be federal financial assistance. The Single Audit Act and the Uniform Guidance establish criteria to be used in defining major programs. Major programs for the District are those programs selected for testing by the auditor using a risk-assessment model, as well as certain minimum expenditure requirements, as outlined in the Uniform Guidance. Programs with similar requirements may be grouped into a cluster for testing purposes. Federal awards are reported using the modified cash basis of accounting. Revenues and expenses are recorded when they result from cash transaction. 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. For fiscal year ended June 30, 2024, the District had insurance coverage in effect comparable to other entities of similar size and circumstance. De Minimis Rate Used: N Rate Explanation: The Huntington School District No. 16-J, has not elected to use the 10 percent de-minimis indirect cost rate.