Title: I. BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal and State Awards i s based on the modified accrual basis of accounting, consistent with accounting for governmental type funds. It includes the transactions related to the receipt of federal and state funds by the Shelby County Board of
Education (the District) under programs of the federal and state 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 District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Federally negotiated indirect cost rates are used.
The Schedule of Expenditures of Federal and State Awards i s based on the modified accrualbasis of accounting, consistent with accounting for governmental type funds. It includes the
transactions related to the receipt of federal and state funds by the Shelby County Board of Education (the District) under programs of the federal and state 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 District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Individual awards within each category of federal awards are identified by Federal Assistance Listing and program name. The awards are also presented in total by funding agency.
Title: II. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule of Expenditures of Federal and State Awards i s based on the modified accrual basis of accounting, consistent with accounting for governmental type funds. It includes the transactions related to the receipt of federal and state funds by the Shelby County Board of
Education (the District) under programs of the federal and state 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 District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Federally negotiated indirect cost rates are used.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in either Cost Principles for State, Local and Indian Tribal Governments, or the Uniform Guidance, as applicable, 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. Federally negotiated indirect cost rates are used. There were no federal awards passed through to subrecipients. Food Donation Non-monetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2023, the Shelby County Board of Education had food commodities totaling $557,264 in inventory.
Title: III. RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS TO THE FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal and State Awards i s based on the modified accrual basis of accounting, consistent with accounting for governmental type funds. It includes the transactions related to the receipt of federal and state funds by the Shelby County Board of
Education (the District) under programs of the federal and state 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 District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Federally negotiated indirect cost rates are used.
The following is a reconciliation of expenditures per the schedule of expenditures of federal and state awards to the expenditure balances in the Categorically Aided Fund, per the Districts financial statements. Totals per schedule of expenditures $ 571,852,692 Add: Expenditures not shown on the schedule 7 ,707,649 Subtract: Food service expenditures not reported in categorially aided fund (69,859,322) Other expenditures not reported in categorially aided fund ( 6,488,727) Total categorically aided fund expenditures $ 503,212,292