Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the"Schedule") includes the federal award activity for School District No. 40 underprograms of the federal government for the year ended June 30, 2022. Theinformation in this Schedule is presented in accordance with the requirementsof 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 portionof the operations of School District No. 40, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows of SchoolDistrict No. 40.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the modified accrualbasis of accounting. Such expenditures are recognized following the costprinciples contained in the Uniform Guidance, wherein certain types ofexpenditures 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.