Audit 53165

Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grantactivity of Pleasant Valley Community School District under programs of the federal government for theyear ended June 30, 2022. The information in this schedule is presented in accordance with therequirements 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 schedulepresents only a selected portion of the operations of Pleasant Valley Community School District, it is notintended to and does not present the financial position, changes in net position or cash flows of PleasantValley Community School District.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual or accrual basis ofaccounting. Such expenditures are recognized following the cost principles in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore,some amounts presented in this schedule may differ from amounts presented in or used in thepreparation of the basic financial statements. Revenue from federal awards is recognized when theDistrict has done everything necessary to establish its right to revenue. For governmental funds, revenuefrom federal awards is recognized when it is both measurable and available. Expenditures of federalawards are recognized in the accounting period when the liability is incurred. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.