Title: LOAN/ LOAN GURANTEE OUTSTANDING BALANCES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Pelham City Board of Education and is presented on the modified accrual 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. Because the schedule presents only a selected portion of the operations of the Board, it is not intended to and does not represent the financial position of the Board.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the Board did not elect to use this rate.
The Board did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2023.
Title: SUB-RECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Pelham City Board of Education and is presented on the modified accrual 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. Because the schedule presents only a selected portion of the operations of the Board, it is not intended to and does not represent the financial position of the Board.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the Board did not elect to use this rate.
During the year ended September 30, 2023, the Board has no sub-recipients.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Pelham City Board of Education and is presented on the modified accrual 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. Because the schedule presents only a selected portion of the operations of the Board, it is not intended to and does not represent the financial position of the Board.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the Board did not elect to use this rate.
Grant monies received and disbursed by the Board are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the Board does not believe that such disallowance, if any, would have a material effect on the financial position of the Board.
Title: FEDERAL PASS-THROUGH FUNDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Pelham City Board of Education and is presented on the modified accrual 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. Because the schedule presents only a selected portion of the operations of the Board, it is not intended to and does not represent the financial position of the Board.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the Board did not elect to use this rate.
The Board is also the sub-recipient of federal funds that have been subjected to testing and are reported as expenditures and listed as federal pass-through funds.
Title: RECONCILIATION TO FEDERAL REVENUES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Pelham City Board of Education and is presented on the modified accrual 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. Because the schedule presents only a selected portion of the operations of the Board, it is not intended to and does not represent the financial position of the Board.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the Board did not elect to use this rate.
Total expenditures on the accompanying schedule of federal awards totaled $4,273,113. Federal revenues reported on the Statement of Revenues, Expenditures and Changes in Fund Balances— Governmental Funds totaled $4,968,987. The difference of $695,874 represents the change in federal receivables between September 30, 2022 and September 30, 2023 that did not meet the availability criteria for revenue recognition on the Governmental Fund Financial Statement. The Board will recognize revenue for these amounts when the availability criteria is met in the next fiscal year.