Audit 45928

Title: TRANSFERS Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) reports the Lockland Local School Districts (the School Districts) federal award programs receipts and disbursements. The Schedule has been prepared on the cash basis of accounting. The information on this Schedule is prepared 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). The School District has elected not to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Note B TransfersThe School District generally must spend Federal assistance within 15 months of receipt (funds must be obligated by June 30th and spent by September 30th). However, with ODEs approval, a District can transfer unspent Federal assistance to the succeeding year, thus allowing the School District a total of 27 months to spend the assistance. Schools can document this by using special cost centers for each years activity, and transferring the amounts ODE approves between the cost centers. During fiscal year 2022, the Ohio Department of Education (ODE) authorized the following transfers: