Title: Note 1 Basis of Presentation
Accounting Policies: Note 1 Basis of Presentation, Note 2 Basis of Accounting, Note 3 Relationship to Federal Financial Statements, Note 4 Noncash Programs, Note 5 Subrecipients
De Minimis Rate Used: N
Rate Explanation: The District elected not to use the de mimimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Maysville R-I School District (District) under programs of the federal government for the year ended June 30, 2023. 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 the District, it is not intended to and does not present the financial position, change in net position or cash flows of the District.
Title: Note 2 Basis of Accounting
Accounting Policies: Note 1 Basis of Presentation, Note 2 Basis of Accounting, Note 3 Relationship to Federal Financial Statements, Note 4 Noncash Programs, Note 5 Subrecipients
De Minimis Rate Used: N
Rate Explanation: The District elected not to use the de mimimis cost rate.
Expenditures reported on the Schedule are reported using the modified cash 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 not reimbursed. The District has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: Note 3 Relationship to Federal Financial Statements
Accounting Policies: Note 1 Basis of Presentation, Note 2 Basis of Accounting, Note 3 Relationship to Federal Financial Statements, Note 4 Noncash Programs, Note 5 Subrecipients
De Minimis Rate Used: N
Rate Explanation: The District elected not to use the de mimimis cost rate.
Amounts reported in the schedule of expenditures of federal awards agree with the amounts reported in the related federal financial reports.
Title: Note 4 Noncash Programs
Accounting Policies: Note 1 Basis of Presentation, Note 2 Basis of Accounting, Note 3 Relationship to Federal Financial Statements, Note 4 Noncash Programs, Note 5 Subrecipients
De Minimis Rate Used: N
Rate Explanation: The District elected not to use the de mimimis cost rate.
The commodities received, which are noncash revenues, are valued using prices provided by the United States Department of Agriculture.
Title: Note 5 Subrecipients
Accounting Policies: Note 1 Basis of Presentation, Note 2 Basis of Accounting, Note 3 Relationship to Federal Financial Statements, Note 4 Noncash Programs, Note 5 Subrecipients
De Minimis Rate Used: N
Rate Explanation: The District elected not to use the de mimimis cost rate.
The District did not provide funds to subrecipients during the year.