Title: Note A: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: Lone Grove School District I-32 Carter County, Oklahoma has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lone Grove School District I-32 Carter County, Oklahoma 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 Lone Grove School District I-32 Carter County, Oklahoma, it is not intended to and does not present the basic financial statements as listed in the table of contents, of Lone Grove School District I-32 Carter County, Oklahoma.
Title: Note B: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: Lone Grove School District I-32 Carter County, Oklahoma has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
Title: Note C: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: Lone Grove School District I-32 Carter County, Oklahoma has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Lone Grove School District I-32 Carter County, Oklahoma has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note D: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: Lone Grove School District I-32 Carter County, Oklahoma has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Lone Grove School District I-32 Carter County, Oklahoma did not have any awards that have been passed through to subrecipients.
Title: Note E: Transfers between Federal Programs
Accounting Policies: Expenditures reported on the Schedule are reported on using the cash basis of accounting. Encumbrances are included when paid rather when incurred. Some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. Nonmonetary assistance is reported in the schedule at the fair market value of commodities received.
De Minimis Rate Used: N
Rate Explanation: Lone Grove School District I-32 Carter County, Oklahoma has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Lone Grove School District I-32 Carter County, Oklahoma received $34,000 for program Assistance No. 84.367 Title II, Part A funds which allowed to be transferred to be used for Title I Assistance No. 84.010 of $29,707, and thus was reported above in the Title I revenues agree with corresponding expenditures and remaining amount $4,293 used program assistance No. 84.358B Title VI-Part B. Program assistance 84.358B Title VI-Part B also received $15,371 of program assistance No. 84.424A Title IV-21st Century School revenues that were allowed to be transferred to corresponding expenditures.