Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity
of Greenwood School District Number 50 (the “District”) under programs of the federal government for the year
ended June 30, 2023. 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 District, it is not intended to and does not present the financial position, changes in net assets,
or cash flows of the District. Expenditures reported on the Schedule are reported on the auditing standards generally accepted in the United
States of America 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. The District has elected not to use the 10-percent de minimis
indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate