Audit 352702

Title: NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Board and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements. Federal Revenue The federal revenue included in the Schedule of Expenditures of Federal Awards does not reconcile to the Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds since the federal grant funds are grouped with other revenues for presentation purposes in the financial statements. De Minimis Rate Used: N Rate Explanation: The Board has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Board and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements. Federal Revenue The federal revenue included in the Schedule of Expenditures of Federal Awards does not reconcile to the Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds since the federal grant funds are grouped with other revenues for presentation purposes in the financial statements. Indirect Cost Rate The Board has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.