Audit 333277

Title: BASIS OF PRESENTATION Accounting Policies: 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 for all awards with the exception of Assistance Listing 21.027, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Nonmonetary assistance is reported in the schedule at the fair value of commodities received and disbursed for the USDA Commodities Program (ALN #10.555). De Minimis Rate Used: N Rate Explanation: Minnetonka Public Schools ISD No. 276 has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Minnetonka Public Schools ISD No. 276 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 2 CFR 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 Minnetonka Public Schools ISD No. 276, it is not intended to and does not present the financial position, changes in fund balance, or cash flows of Minnetonka Public Schools ISD No. 276.