Audit 49894

Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance (the Schedules) include the federal and state award activity of the School District of Cornell under programs of the federal and state governments for the year ended June 30, 2022. The information in these Schedules is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Wisconsin State Single Audit Guidelines. Because the Schedules present only a selected portion of the operations of the School District of Cornell, they are not intended to and do not present the financial position, changes in net position, or cash flows of the School District of Cornell. The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the modified accrual basis of accounting, which is described in Note 1 to the Districts financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, 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.