Audit 50023

Accounting Policies: Basis of Presentation:The accompanying schedule of expenditures of federal awards includes the federal grant activity of South Texas Independent School District. The information in this schedule is presented in accordance with the requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.Summary of Significant Accounting Policies:Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Compliance Supplement, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Indirect Cost Rate:South Texas Independent School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.Sub-recipients:During the year ended August 31, 2022, the District had no sub-recipients.Federal Loans and Loan Guarantees:During the year ended August 31, 2022, the District had no outstanding federal loans payable or loan guarantees.Federally Funded Insurance:During the year ended August 31, 2022, the District had no federally funded insurance.Reconciliation from the Schedule of Expenditures of Federal Awards to the Exhibit C-3:Total Federal Award Expended $ 11,274,158Federal Revenues Distributed Directly 312,827Exhibit C-3 $ 11,586,985 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.