Audit 51926

Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grantactivity of Silvis School District No. 34 under programs of the federal government for the year ended June30, 2022. 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, andAudit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only aselected portion of the operations of Silvis School District No. 34, it is not intended to and does notpresent the financial position, changes in net position or cash flows of Silvis School District No. 34.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the cash basis of accounting which is a basis ofaccounting other than accounting principles generally accepted in the United States of America.Accordingly, revenue is recognized and recorded in the account when cash is received. In the samemanner, expenditures are recognized and recorded upon the disbursement of cash. The cash basis ofaccounting does not give effect to accounts receivable, accounts payable and accrued items.Disbursements are recognized following cost principles contained in Uniform Guidance, wherein certaintypes 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.