Audit 336447

Title: REPORTING ENTITY Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles. De Minimis Rate Used: N Rate Explanation: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles. The Yough School District did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. Yough School District (the School District) is the reporting entity for financial reporting purposes as defined in Note 1 to the School District’s financial statements.

Title: BASIS OF ACCOUNTING Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles. De Minimis Rate Used: N Rate Explanation: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles. The Yough School District did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles. The Yough School District did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.

Title: NON-MONETARY ASSISTANCE Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles. De Minimis Rate Used: N Rate Explanation: The accompanying schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed or permitted by the Manual of Accounting and Related Financial Procedures for Pennsylvania School Systems, issued by the Pennsylvania Department of Education. These practices, as they apply to the School District, are in conformity with U.S. generally accepted accounting principles. The Yough School District did not elect to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance. Non-monetary assistance was received from the U.S. Department of Agriculture in the amount of $95,949 in the form of commodities. These commodities are valued at U.S.D.A’s approximate costs. During the year ended June 30, 2024, the District used $94,741 in commodities and established a year-end inventory of $2,402. The amount recognized as revenue of $94,741 represents the commodities used which are recognized as revenue in the basic financial statements.