Audit 46092

Title: NOTE 4. FEDERAL FUNDS PROVIDED TO SUBRECIPIENTS Accounting Policies: NOTE 1. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federalaward activity of Ravalli Head Start, Inc. under programs of the federal government for the year ended June 30, 2022. 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ravalli Head Start, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Ravalli Head Start, Inc. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the grant basis of accounting. 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. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Ravalli Head Start, Inc. provided no federal funds to subrecipients during the audit period.