Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of the Monte Alto Independent School District (the “District”). The information in the Schedule is
presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”). Therefore, some amounts may differ from amounts presented in, or used in the
preparation of the basic financial statements.
Title: Summary of Significant Accounting Policies:
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Program Income
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
As of August 31, 2023, Monte Alto ISD reports 0$ in program income based on the requirements presented
in 45 CFR 75.307
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: Sub-Recipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
During the fiscal year ended August 31, 2023, the District did not have any sub-recipients.
Title: Federal Loans And Loan Guarantees
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
During the fiscal year ended August 31, 2023, the District had no outstanding federal loans payable or loan
guarantees.
Title: Federally Funded Insurance
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
During the fiscal year ended August 31, 2023, the District had no outstanding federally funded insurance.
Title: Noncash Awards
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. These expenditures are recognized folloing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
For the year ended August 31, 2023, the District received $73,644 as noncash assistance under the National
School Lunch Program