Audit 45830

Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grantactivity of Black Hawk Area Special Education District S.E.J.A. No. 865 under programs of the federalgovernment for the year ended June 30, 2022. The information in this schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of Black Hawk AreaSpecial Education District S.E.J.A. No. 865, it is not intended to and does not present the financialposition, changes in net position or cash flows of Black Hawk Area Special Education District S.E.J.A. No.865.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual or accrual basis ofaccounting. Expenditures of federal awards are recognized in the accounting period when the liability isincurred. Such expenditures are recognized following the cost principles contained in the UniformGuidance, 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 ofbusiness to amounts reported as expenditures in prior years. Revenue from federal awards is recognizedwhen the District has done everything necessary to establish its right to revenue. For governmentalfunds, revenue from federal awards is recognized when it is both measurable and available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.