Audit 353585

Accounting Policies: Summary of Significant Accounting Policies Basis of Accounting The expenditures reported on the Schedule are reported using the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become available and measurable, and expenditures in the accounting period in which the fund liability is incurred, if measurable. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowed or are limited as to reimbursement. The District has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Relationship to Basic Financial Statements Expenditures of federal awards are reported in the District’s basic financial statements in the General Fund. De Minimis Rate Used: N Rate Explanation: The District has elected to not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.