Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Independent School District No. 696, Ely, Minnesota, 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 Independent School District No. 696, Ely, Minnesota, it is not intended to and does not present the financial position or changes in net position of Independent School District No. 696, Ely, Minnesota. 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District used various cost rates, depending on the Federal grant, if any was used at all.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Independent School District No. 696, Ely, Minnesota, 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 Independent School District No. 696, Ely, Minnesota, it is not intended to and does not present the financial position or changes in net position of Independent School District No. 696, Ely, Minnesota. 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 allowable or are limited as to reimbursement
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Independent School District No. 696, Ely, Minnesota, 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 Independent School District No. 696, Ely, Minnesota, it is not intended to and does not present the financial position or changes in net position of Independent School District No. 696, Ely, Minnesota. 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District used various cost rates, depending on the Federal grant, if any was used at all.
Independent School District No. 696, Ely, Minnesota, has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C - COMMODITY DISTRIBUTION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Independent School District No. 696, Ely, Minnesota, 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 Independent School District No. 696, Ely, Minnesota, it is not intended to and does not present the financial position or changes in net position of Independent School District No. 696, Ely, Minnesota. 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District used various cost rates, depending on the Federal grant, if any was used at all.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received. At June 30, 2023, the District had food commodities totaling $11,452 in inventory.
Title: NOTE D - RECONCILIATION OF FEDERAL DOLLARS REPORTED ON SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FEDERAL DOLLARS REPORTED IN UFARS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Independent School District No. 696, Ely, Minnesota, 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 Independent School District No. 696, Ely, Minnesota, it is not intended to and does not present the financial position or changes in net position of Independent School District No. 696, Ely, Minnesota. 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District used various cost rates, depending on the Federal grant, if any was used at all.
Independent School District No. 696, Ely, Minnesota receives rebates for interest payments received on some of their bonds. This rebate is received from a federal source, but is appropriately not reported on the Schedule of Expenditures of Federal Awards. The amount reported as revenue in UFARS for the federal interest rebate was $93,139 for the year ended June 30, 2023.
Title: NOTE E - PASS-THROUGH GRANT NUMBERS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Independent School District No. 696, Ely, Minnesota, 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 Independent School District No. 696, Ely, Minnesota, it is not intended to and does not present the financial position or changes in net position of Independent School District No. 696, Ely, Minnesota. 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District used various cost rates, depending on the Federal grant, if any was used at all.
Pass-through grant numbers were not assigned by the pass-through agencies.