Audit 40665

Title: NON-CASH ASSISTANCE Accounting Policies: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESBasic of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes thefederal award activity of the St. Charles Parish School Board (the School Board) under programsof the federal government for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because of the Schedule presents only a selected portion of theoperations of the School Board, it is not intended to and does not present the financial position,changes in net assets, or cash flows of the School Board.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Accrued and Deferred ReimbursementVarious reimbursement procedures are used for federal awards received by the School Board.Consequently, timing differences between expenditures and program reimbursements can existat the beginning and end of year. Accrued balances at year-end represented an excess ofreimbursable expenditures over each reimbursement received. Generally, accrued balancescaused by differences in the timing of cash reimbursements and expenditures will be reversed inthe remaining grant period.2. RELATIONSHIP TO FINANCIAL STATEMENTSFederal revenues are reported in the School Board's financial statements as follows:Federal sources - direct $ 8,014,782Federal sources - subgrants 8,916,363Total amount as reported on the schedule of federal awards $ 16,931,145 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 4. NON-CASH ASSISTANCE FOOD COMMODITIESNonmonetary assistance is reported in the schedule at the fair market value of the commoditiesreceived and disbursed. During the year ended June 30, 2022, the School Board receivedcommodities valued at $357,295. At June 30, 2022, the School Board had food commodities totaling$85,295 in inventory