Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the audit 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 Schedule presents only a selected portion of the operations of the Unit, it is not intended to, and does not, present the financial position, changes in net position or cash flows of the Unit. The accompanying schedules are prepared and presented using the modified accrual basis of accounting. This basis of accounting is described in Note 1 to the Units basic financial statements. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122 Cost Principles for Non Profit Organizations, or the cost principles contained in Title 2 U. S. Code of Feral Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Because the Schedule presents only a selected portion of the operations of Regional School Unit No. 24, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Regional School Unit No. 24; therefore some amounts presented in this Schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The basic financial statements present the government-wide financial statements on the GAAP basis of accounting and the governmental fund financial statements on the modified accrual basis of accounting as described in Note 1 to the basic financial statements. GASB 33 provides that grant revenue should be recognized when all applicable eligibility requirements are met, and, under modified accrual accounting, when the resources are available. Therefore, the proceeds of grants which do not specify time requirements, and for which all other eligibility requirements have been met, are recognized as revenues in the current fiscal year. Expenditures are recognized in the fiscal year spent for the required purpose.
Title: Non Cash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the audit 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 Schedule presents only a selected portion of the operations of the Unit, it is not intended to, and does not, present the financial position, changes in net position or cash flows of the Unit. The accompanying schedules are prepared and presented using the modified accrual basis of accounting. This basis of accounting is described in Note 1 to the Units basic financial statements. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122 Cost Principles for Non Profit Organizations, or the cost principles contained in Title 2 U. S. Code of Feral Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Because the Schedule presents only a selected portion of the operations of Regional School Unit No. 24, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Regional School Unit No. 24; therefore some amounts presented in this Schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non cash assistance is reported on the Schedule at the fair market value of the commodities received and disbursed in the amount of $26,171 for fiscal year 2022. At June 30, 2022, the Unit did not have any food commodities in inventory.
Title: Program Clusters
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the audit 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 Schedule presents only a selected portion of the operations of the Unit, it is not intended to, and does not, present the financial position, changes in net position or cash flows of the Unit. The accompanying schedules are prepared and presented using the modified accrual basis of accounting. This basis of accounting is described in Note 1 to the Units basic financial statements. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122 Cost Principles for Non Profit Organizations, or the cost principles contained in Title 2 U. S. Code of Feral Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Because the Schedule presents only a selected portion of the operations of Regional School Unit No. 24, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Regional School Unit No. 24; therefore some amounts presented in this Schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
OMB Circular A-133 defines a cluster of programs as a grouping of closely related programs that share common compliance requirements. According to this definition, similar programs deemed to be a cluster of programs are tested accordingly.
Title: Contingency
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Regional School Unit No. 24 (the Unit) for the year ended June 30, 2022. The information in the Schedule is presented in accordance with the audit 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 Schedule presents only a selected portion of the operations of the Unit, it is not intended to, and does not, present the financial position, changes in net position or cash flows of the Unit. The accompanying schedules are prepared and presented using the modified accrual basis of accounting. This basis of accounting is described in Note 1 to the Units basic financial statements. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-122 Cost Principles for Non Profit Organizations, or the cost principles contained in Title 2 U. S. Code of Feral Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Because the Schedule presents only a selected portion of the operations of Regional School Unit No. 24, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of the Regional School Unit No. 24; therefore some amounts presented in this Schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of Regional School Unit No. 24. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.