Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified-accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards, 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.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awardactivity of Ute Pass Board of Cooperative Educational Services under programs of the federal governmentfor the 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 Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of Ute Pass Board of Cooperative Educational Services, itis not intended to and does not present the financial position, changes in net position, or cash flows of UtePass Board of Cooperative Educational Services.