Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS INCLUDES THE FEDERAL GRANT ACTIVITY OF SHARYLAND INDEPENDENT SCHOOL DISTRICT. 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). THEREFORE, SOME AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF THE BASIC FINANCIAL STATEMENTS.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
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 AND OMB COMPLIANCE SUPPLEMENT, WHREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
Title: NOTE 4 - SUB-RECIPIENTS
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
DURING THE YEAR ENDED JUNE 30, 2023, THE DISTRICT HAD NO PASS-THROUGH TO SUB-RECIPIENTS.
Title: NOTE 5 - FEDERAL LOANS AND LOAN GUARANTEES
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
DURING THE YEAR ENDED JUNE 30, 2023, THE DISTRICT HAD NO OUTSTANDING FEDERAL LOADS PAYABLE OR LOAN GUARANTEES.
Title: NOTE 6 - FEDERALLY FUNDED INSURANCE
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
DURING THE YEAR ENDED JUNE 30, 2023, THE DISTRICT HAD NO FEDERALLY FUNDED INSURANCE.
Title: NOTE 7 - NONCASH AWARDS
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
DURING THE YEAR ENDED JUNE 30, 2023, THE DISTRICT RECEIVED $68,762 AS NON-CASH ASSISTANCE UNDER THE COMMODITY SUPPLESMENTAL FOOD PROGRAM.
Title: NOTE 8 - CONTINGENCIES
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
GRANT MONIES RECEIVED AND DISBURSED BY THE DISTRICT ARE FOR SPECIFIC PURPOSES AND ARE SUBJECT TO REVIEW BY THE GRANTOR AGENCIES. SUCH AUDITS MAY RESULT IN REQUESTS FOR REIMBURSEMENT DUE TO ALLOWED EXPENDITURES. BASED UPON EXPERIENCE, THE DISTRICT DOES NOT BELIEVE THAT SUCH DISALLOWANCE, IF ANY, WOULD HAVE A MATERIAL EFFECT ON THE FINANCIAL POSITIION OF THE DISTRICT.
Title: NOTE 9 - FEDERAL PASS-THROUGH FUNDS
Accounting Policies: 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 AND OMB COMPLIANCE SUPPLEMENT, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: SHARYLAND INDEPENDENT SCHOOL DISTRICT ELECTED NOT TO USE THE 10% DE MINIMIS INDIRECT COST RATE ALLOWED UNDER THE UNIFORM GUIDANCE.
THE DISTRICT IS ALSO THE SUB-RECIPIENT OF FEDERAL FUNDS THAT HAVE BEEN SUBJECT TO TESTING AND ARE REPORTED AS EXPENDITURES AND LISTED AS FEDERAL PASS-THROUGH FUNDS. FEDERAL AWARDS OTHER THAN THOSE INDICATED AS PASS-THROUGH ARE CONSIDERED TO BE DIRECT.