Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of City of St. Marys School District under programs of the federal government forthe year ended June 30, 2022. The information in this Schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of City of St. Marys SchoolDistrict, it is not intended to and does not present the financial position or changes in net positionof City of St. Marys School District. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditure are not allowable or are limited as to reimbursement. Negativeamounts shown on the Schedule represent adjustments or credits made in the normal course ofbusiness to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.