Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: All Federal grant operations of Halifax Area School District (the District) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the Schedule of Expenditures of Federal and State Awards (the Schedule) represent all Federal and State award programs and other grants with fiscal year 2023 cash or non-cash expenditure activities. For our single audit testing, we tested the Federal award program below with fiscal year 2023 cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Our actual coverage was 40%.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
All Federal grant operations of Halifax Area School District (the District) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the Schedule of Expenditures of Federal and State Awards (the Schedule) represent all Federal and State award programs and other grants with fiscal year 2023 cash or non-cash expenditure activities. For our single audit testing, we tested the Federal award program below with fiscal year 2023 cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Our actual coverage was 40%.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of Halifax Area School District (the District) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the Schedule of Expenditures of Federal and State Awards (the Schedule) represent all Federal and State award programs and other grants with fiscal year 2023 cash or non-cash expenditure activities. For our single audit testing, we tested the Federal award program below with fiscal year 2023 cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Our actual coverage was 40%.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the Federal and State award activity of the District under programs of the Federal and State government for the year ended June 30, 2023, and is reported on the accrual basis of accounting. The information in the Schedule is presented in accordance with Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District. Reconciliation of the Schedule to the financial statements:
Title: IDENTIFICATION OF MAJOR PROGRAM
Accounting Policies: All Federal grant operations of Halifax Area School District (the District) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant program noted below. The programs on the Schedule of Expenditures of Federal and State Awards (the Schedule) represent all Federal and State award programs and other grants with fiscal year 2023 cash or non-cash expenditure activities. For our single audit testing, we tested the Federal award program below with fiscal year 2023 cash and non-cash expenditures to ensure coverage of at least 20% of Federally granted funds. Our actual coverage was 40%.
Expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As shown on the accompanying Schedule of Findings and Questioned Costs, the dollar threshold used to distinguish between type A and type B programs were seven hundred and fifty thousand ($750,000) dollars. The District had one major program, Secondary Schools Emergency Relief Fund, which is CFDA number 84.425U. The total federal expenditures of 84.425U were $591,115 which covers 41% of federal expenditures.