Audit 52635

Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activityof the Vallecito Union School District (the District) under programs of the federal government for the year endedJune 30, 2022. The information is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of theDistrict, it is not intended to and does not present the financial position, changes in net position or fund balanceof the District. Expenditures reported in the schedule are reported on the (identify the basis of accounting) basis of accounting.When applicable, such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Nofederal financial assistance has been provided to a subrecipient. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the ten percent de minimis cost rate.