Audit 8608

Title: Note C – Commodity Food Received Accounting Policies: Note A- Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Storey County School District, Nevada under programs of the federal government. 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 Storey County School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Storey County School District. Note B - Summary of Significant Accounting Policies Basis of Accounting Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowed or are limited as reimbursement. When applicable, negative amount shown on the Schedule represent adjustments or credits made in the normal course of business as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District did not receive any commodity foods from the U.S. Department of Agriculture.

Title: Note D – Subrecipients Accounting Policies: Note A- Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Storey County School District, Nevada under programs of the federal government. 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 Storey County School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Storey County School District. Note B - Summary of Significant Accounting Policies Basis of Accounting Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowed or are limited as reimbursement. When applicable, negative amount shown on the Schedule represent adjustments or credits made in the normal course of business as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The District did not pass through any federal awards received to subrecipients.