Audit 44971

Accounting Policies: RUSSELL COUNTY SCHOOL DISTRICTNOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSFOR THE YEAR ENDED JUNE 30, 2021NOTE A BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Russell County School District under programs of the federal government for the year ended June 30, 2021. 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 Schedule presents only a selected portion of the operations of Russell County School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of Russell County School District.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting for proprietary funds and the modified accrual basis of accounting for governmental funds. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are present where available. NOTE C FOOD DISTRIBUTIONNonmonetary assistance is reported in the schedule at the fair value of the commodities disbursed.NOTE D DE MINIMIS COST RATEThe District did not elect to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance.NOTE E SUBRECIPIENTSThere were no subrecipients during the fiscal year. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.