Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the School’s financial statements for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the School did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of International School of Louisiana (the School) 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 the School, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the School. The School’s reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2023.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the School’s financial statements for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the School did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the School’s financial statements for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
Title: Relationship to Basic Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the School’s financial statements for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the School did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
Federal revenues of $2,619,029 are included in the School’s basic financial statements.
Title: Noncash Assistance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the School’s financial statements for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the School did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
The School did not receive any federal noncash assistance for the year ended June 30, 2023.
Title: De Minimis Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the School’s financial statements for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the School did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
During the year ended June 30, 2023, the School did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
Title: Amounts Passed Through to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the School’s financial statements for the year ended June 30, 2023. Such expenditures are recognized following the cost principles contained in accordance with the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2023, the School did not elect to use the 10% de minimis cost rate as covered in §200.414 of the Uniform Guidance.
During the year ended June 30, 2023, the School did not pass through any federal funding to subrecipients.