Audit 37495

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting which isthe same basis used in preparing the basic financial statements of the District. No funds were identifiedas having been provided to subrecipients by the District under the meaning of the Uniform Guidance, andaccordingly, no funds identified in the Schedule of Expenditures of Federal Awards are attributable tosubrecipient entities as required under the Uniform Guidance. There were no federal awards expendedfor insurance or any loans or loan guarantees outstanding at June 30, 2022. For the year ended June 30,2022, the District did not receive any noncash assistance. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Atwood Heights School District 125 (the District) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the District.