Audit 55139

Accounting Policies: NOTE 1 GENERALThe accompanying schedules of expenditures of federal awards and state financialassistance (the Schedules) include the federal and state award activity of the School Districtof Spring Valley under programs of the federal and state governments for the year endedJune 30, 2022. The information in these Schedules is presented in accordance with therequirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance) and the Wisconsin State SingleAudit Guidelines. Because the Schedules present only a selected portion of the operationsof the School District of Spring Valley, they are not intended to and do not present thefinancial position, changes in net position, or cash flows of the School District of SpringValley.NOTE 2 BASIS OF ACCOUNTINGThe accompanying schedules of expenditures of federal awards and state financialassistance are presented using the modified accrual basis of accounting, which is describedin Note 1 to the Districts financial statements. Such expenditures are recognized followingthe cost principles contained in the Uniform Guidance and State Single Audit Guidelines,wherein certain types 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.