Audit 40250

Accounting Policies: 58Note 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of Independent School District No. 316 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 of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Independent School District No. 316, it is not intended to and does not present the financial position, changes in net position, or cash flows of Independent School District No. 316.Note 2 Significant Accounting PoliciesExpenditures reported on the schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.Independent School District No. 316 has not elected to use the 10 percent de minimums indirect costs rate as allowed under Uniform Guidance.Note 3 SubrecipientsThe District had no subrecipients or subrecipient expenditures. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.