Title: NOTE 1 - REPORTING ENTITY BASIS OF PRESENTATION AND ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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 - SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
None of the federal expenditures presented in the schedule were provided to sub-recipients.
Title: NOTE 3 - DESCRIPTIONS OF MAJOR FEDERAL PROGRAM
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
Education Stabilization Fund provides financial assistance to schools and other education-related entities for emergency assistance as a result of the Novel Coronavirus Disease 2019.
Title: NOTE 4 - NON-CASH ASSISTANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
Nonmonetary assistance is reported in the schedule at the fair value of the commodities received and disbursed. During fiscal year 2023, the District received food commodities totaling $23,154 from the Illinois State Board of Education. These programs are part of the Federal Child Nutrition Cluster.
Title: NOTE 5 - INSURANCE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
The federal programs presented in the previous schedule did not have separate program specific insurance policies.
Title: NOTE 6 - LOANS/LOAN GUARANTEES/INTEREST SUBSIDIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
The federal programs presented in the previous schedule did not have any loans, loan guarantees, or interest subsidies associated with them.
Title: NOTE 7 - DE MINIMIS COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Signal Hill School District #181 and is presented on the modified cash basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.
The District has not elected to use the 10% de minimis indirect cost rate.