Audit 50506

Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Mountain Communities Supporting Education, Inc. under programs of the federal government as of and for the year ended June 30, 2022. The information in this schedule is presented in accordance with 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 operation of Mountain Communities Supporting Education, Inc., it is no intended to and does not present the financial position, changes in net assets, or cash flows of Mountain Communities Supporting Education, Inc. 1. Expenditures reported on the schedule are reported on the accrual 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. 2. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: Y Rate Explanation: Mountain Communities Supporting Education, Inc. has elected to use the ten percent de minimis cost rate under the Uniform Guidance. The election allows Mountain Communities Supporting Education, Inc. to charge ten percent of all direct program costs to each program for incidental administrative costs and seek reimbursement for those costs.