Audit 337329

Title: Significant Accounting Policies Accounting Policies: The schedule of expenditures of federal awards is presented using the accrual basis of accounting, which conform to generally accepted accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable. Revenues designated for payment of specific School District expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at the fiscal year end is recorded as a liability or a receivable,respectively. De Minimis Rate Used: N Rate Explanation: The School District has not elected to use the 10% de minimus indirect cost rate for its federal programs. Basis of Accounting - The schedule of expenditures of federal awards is presented using the accrual basis of accounting, which conform to generally accepted accounting principles. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable. Revenues designated for payment of specific School District expenditures are recognized when the related expenditures are incurred. Any excess of revenues or expenditures at the fiscal year end is recorded as a liability or a receivable,respectively. Indirect Cost Rate - The School District has not elected to use the 10% de minimus indirect cost rate for its federal programs.