{"content":[{"text":"October 20, 2020","bbox":{"left":0.117647,"top":0.141133,"width":0.12677499999999997,"height":0.015866999999999992}},{"text":"To the President and Members \n of the Board of Education of the \n Schoharie Central School District","bbox":{"left":0.117647,"top":0.188859,"width":0.24122500000000002,"height":0.04783399999999999}},{"text":"Dear President and Members of the Board of Education:","bbox":{"left":0.117647,"top":0.252643,"width":0.409511,"height":0.01586700000000002}},{"text":"We have audited the financial statements of the governmental activities and each major fund of the \n Schoharie Central School District (the District) as of and for the year ended June 30, 2020. Professional \n standards require that we provide you with information about our responsibilities under generally \n accepted auditing standards, Government Auditing Standards and the Uniform Guidance, as well as \n certain information related to the planned scope and timing of our audit. We have communicated such \n information in our engagement letter dated June 17, 2020. Professional standards also require that we \n communicate the following information related to our audit.","bbox":{"left":0.117631,"top":0.28446,"width":0.7546579999999999,"height":0.11146800000000001}},{"text":"Significant Audit Matters","bbox":{"left":0.117647,"top":0.411896,"width":0.176699,"height":0.01586700000000002}},{"text":"Qualitative Aspects of Accounting Practices","bbox":{"left":0.117647,"top":0.44365,"width":0.314446,"height":0.015075000000000005}},{"text":"Management is responsible for the selection and use of appropriate accounting policies. The significant \n accounting policies used by the District are described in Note 1 to the financial statements. No new \n accounting policies were adopted and the application of existing policies was not changed during the \n year. We noted no transactions entered into by the District during the year for which there is a lack of \n authoritative guidance or consensus. All significant transactions have been recognized in the financial \n statements in the proper period.","bbox":{"left":0.117647,"top":0.474926,"width":0.757879,"height":0.09540899999999991}},{"text":"Accounting estimates are an integral part of the financial statements and are based on management’s \n knowledge and experience about past and current events and assumptions about future events. Certain \n accounting estimates are particularly sensitive because of their significance to the financial statements \n and because of the possibility that future events affecting them may differ significantly from those \n expected. The most sensitive estimates affecting the District’s financial statements were:","bbox":{"left":0.117647,"top":0.586436,"width":0.7605580000000001,"height":0.07950000000000002}},{"text":"1.","bbox":{"left":0.176463,"top":0.681886,"width":0.013474000000000014,"height":0.015866999999999964}},{"text":"Management’s estimate of the depreciable lives of property and equipment are based on \n judgments regarding the length of time an asset will provide value to the District. \n Management’s estimate of the compensated absences are based upon accumulated sick \n days, rates of pay and the probability of retirement. \n Management’s estimate of the other post employment benefits and related deferred \n outflows/inflows are based on an actuarial calculation provided by a third party. \n Management’s estimate of the net pension asset/liability and deferred outflows/inflows are \n based on actuarial assumptions provided by the individual state plans.","bbox":{"left":0.205855,"top":0.681886,"width":0.654601,"height":0.12737599999999993}},{"text":"2.","bbox":{"left":0.176463,"top":0.713853,"width":0.013474000000000014,"height":0.015866999999999964}},{"text":"3.","bbox":{"left":0.176447,"top":0.74567,"width":0.013474000000000014,"height":0.015866999999999964}},{"text":"4.","bbox":{"left":0.176447,"top":0.777487,"width":0.013474000000000014,"height":0.015866999999999964}}],"images_bbox":[{"left":0.0,"top":0.907008,"width":0.999346,"height":0.074053}],"images_bbox_not_text_overlap":[{"left":0.0,"top":0.907008,"width":0.999346,"height":0.074053}]}