Title: Note 3. Passed Through Awards
Accounting Policies: Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Craig City School 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 Craig City School District, it is not intended to and does not present the basic financial statements of Craig City School District.
Note 2. Summary of Significant 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were passed through to subrecipients.
Title: Note 4. Nonmonetary Assistance
Accounting Policies: Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Craig City School 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 Craig City School District, it is not intended to and does not present the basic financial statements of Craig City School District.
Note 2. Summary of Significant 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Nonmonetary assistance is reported in the schedule at fair market value of the commodities received and disbursed for the year ended June 30, 2024 the District had food commodities totaling $1,653.12.
Title: Note 5. Impact Aid Commitment
Accounting Policies: Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Craig City School 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 Craig City School District, it is not intended to and does not present the basic financial statements of Craig City School District.
Note 2. Summary of Significant 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Impact Aid revenue is recognized when received; however, expenditures are applied to the prior year and a commitment is established annually for monies received under the current application.
Title: Note 6. Total Expenditures for ALN #84.356
Accounting Policies: Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Craig City School 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 Craig City School District, it is not intended to and does not present the basic financial statements of Craig City School District.
Note 2. Summary of Significant 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Craig City School District received an award directly from U.S. Department of Education with expenditures of $30,000. The District also received one award passed through other intermediaries with total expenditures for $146,948. Total expenditures for ALN #84.356 was $176,948
Title: Note 7. Reconciliation to Basic Financial Statements:
Accounting Policies: Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Craig City School 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 Craig City School District, it is not intended to and does not present the basic financial statements of Craig City School District.
Note 2. Summary of Significant 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Craig City School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal Expenditures per previous page $ 2,216,268
Adjustments:
Statutory Impact Aid committed in FY 2023 (695,966)
Statutory Impact Aid committed in FY 2024 519,447
Total federal revenue per basic financial statements $ 2,039,749