Audit 49854

Accounting Policies: Adirondack Central School DistrictNotes to Schedule of Expenditures of Federal AwardsJune 30, 20221 Summary of certain significant accounting policies:The accompanying schedule of expenditures of federal awards presents the activity of federalaward programs administered by the District, which is described in Note 1 to the District'saccompanying financial statements using the modified accrual basis of accounting. Federalawards that are included in the schedule may be received directly from federal agencies, as wellas federal awards that are passed through from other government agencies. The information ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in the preparation of, the financial statements.Indirect costs may be included in the reported expenditures, to the extent that they are includedin the federal financial reports used as the source of the data presented. The District's policy isnot to charge federal award programs with indirect costs.Matching costs (the District's share of certain program costs) are not included in the reportedexpenditures. The basis of accounting varies by federal program consistent with the underlyingregulations pertaining to each program. The amounts reported as federal expenditures wereobtained from the federal financial reports for the applicable program and periods. The amountsreported in these reports are prepared from records maintained for each program, which arereconciled with the District's financial reporting system.2 Subrecipients:No amounts were provided to subrecipients.3 Food distribution:Nonmonetary assistance is recorded in the schedule at the fair market value of the commoditiesreceived and disbursed. The District was granted $51,082 of commodities under the NationalSchool Lunch Program (CFDA 10.555).4 Other disclosures:No insurance is carried specifically to cover equipment purchased with federal funds. Anyequipment purchased with federal funds has only a nominal value, and is covered by theDistrict's casualty insurance policies.There were no loans or loan guarantees outstanding at year-end. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.