Audit 46492

Accounting Policies: Schedule of Expenditures of Federal Awards(1)Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the West Bolivar Consolidated School District 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the West Bolivar Consolidated School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the West Bolivar Consolidated School District.(2)Summary of Significant Accounting PoliciesExpenditures 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 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 of business to amounts reported as expenditures in prior years. (3)Indirect Cost RateThe West Bolivar Consolidated School District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.(4)Noncash AwardsDonated commodities of $87,846 are included in the COVID-19 National School Lunch Program. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.