Notes to SEFA
Title: Note 4: Subrecipients
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the federal grant activity of ZaneisSchool District No. C072, Carter County, Oklahoma under programs of the federal governmentfor the year ended June 30, 2022. The information in this Schedule is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofZaneis School District No. C072, Carter County, Oklahoma, it is not intended to and does notpresent the basic financial statements as listed in the table of contents, of Zaneis School DistrictNo. C072, Carter County, Oklahoma.Note 2: Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on using the cash basis of accounting.Encumbrances are included when paid rather when incurred. Some amounts presented in theschedule may differ from amounts presented in, or used in the preparation of the basic financialstatements. Such expenditures are recognized following the cost principles contained in theUniform Guidance, where certain types of expenditures are not allowable or are limited as toreimbursement. Nonmonetary assistance is reported in the schedule at the fair market value ofcommodities received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Zaneis School District No. C072, Carter County, Oklahoma did not have any awards that have been passed through to subrecipients.