Audit 5901

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of New Hartford Central School District, under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the 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 operations of New Hartford Central School District, it is not intended to and does not present the financial position, changes in net position, or cash flows of New Hartford Central School District. Basis of Accounting The expenditures in the accompanying schedule are presented on an accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Indirect Cost Rate New Hartford Central School District has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Donated Personal Protective Equipment (Unaudited) During the emergency period of COVID-19, federal agencies and recipients of federal assistance funds donated personal protective equipment (PPE) to non-federal entities. In connection with that donation, the recipient must disclose the estimated value of donated PPE, but such amounts are not included in the Schedule of Expenditures of Federal Awards. The School District did not receive donated PPE during the reporting year. De Minimis Rate Used: N Rate Explanation: De Minimis Indirect Cost Rate New Hartford Central School District has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.