Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Island Trees Union Free School District 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 the Island Trees Union Free School District (the “District”) under programs of the federal government for the year ended June 30, 2024. 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 fund balance of the District.
Title: BASIS OF ACCOUNTING
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Island Trees Union Free School District 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 the modified accrual basis of accounting. Such 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
Title: INDIRECT COSTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Island Trees Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Island Trees Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Island Trees Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were provided to subrecipients.
Title: OTHER DISCLOSURES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Island Trees Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value, and is covered by the District’s casualty insurance policies.
There were no loans or loan guarantees outstanding at year end.
Title: MAJOR PROGRAM DETERMINATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such 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. The amounts reported as federal expenditures were obtained from the federal financial reports for the applicable program and periods. The amounts reported in these reports are prepared from records maintained for each program, which are reconciled with the District’s financial reporting system. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Matching costs (the District’s share of certain program costs) are not included in the reported expenditures.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received, which is provided by New York State.
De Minimis Rate Used: N
Rate Explanation: The Island Trees Union Free School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The District was deemed to be a “low-risk auditee”, therefore, major programs were determined based on 20% of total federal award expenditures.