Audit 47984

Accounting Policies: Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Moline-Coal Valley School District No.40 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 Moline-Coal Valley School District No. 40, it is not intended to and does not present the financial position, changes in net position or cash flows of Moline-Coal Valley School District No. 40 Note 2. Summary of Significant Accounting Policies Expenditures reported on the schedule are reported on the modified accrual or accrual basis of accounting. Expenditures of federal awards are recognized in the accounting period when the liability is incurred. 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. Revenue from federal awards is recognized when the District has done everything necessary to establish its right to revenue. For governmental funds, revenue from federal awards is recognized when it is both measurable and available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.