Title: Note A – Basis of Presentation
Accounting Policies: Governmental fund types account for the District’s federal grant activity included in the general and federal projects funds. Therefore, expenditures in the schedule of expenditures of federal awards are recognized on the modified accrual basis – when they become a demand on current available financial resources. 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.
Proprietary fund types account for the District’s federal grant activity included in the food service fund. Such expenditures are recognized on the accrual basis – when a liability is incurred. The District’s summary of significant accounting policies is presented in Note 1 in the District’s basic financial statements.
No federal financial assistance has been provided to a sub recipient.
De Minimis Rate Used: N
Rate Explanation: Clark County School District has not elected to use the 10% De Minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Clark County School District (the “District”) under programs of the federal government for the year ended June 30, 2024. The information 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 or changes in net position of the District and fund balance.
Title: Note D – Relationship to Basic Financial Statements
Accounting Policies: Governmental fund types account for the District’s federal grant activity included in the general and federal projects funds. Therefore, expenditures in the schedule of expenditures of federal awards are recognized on the modified accrual basis – when they become a demand on current available financial resources. 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.
Proprietary fund types account for the District’s federal grant activity included in the food service fund. Such expenditures are recognized on the accrual basis – when a liability is incurred. The District’s summary of significant accounting policies is presented in Note 1 in the District’s basic financial statements.
No federal financial assistance has been provided to a sub recipient.
De Minimis Rate Used: N
Rate Explanation: Clark County School District has not elected to use the 10% De Minimis indirect cost rate.
Expenditures of federal awards have been included in the individual funds of the District as follows:
General Fund $ 399,299
Major Fund - Federal Projects 612,880,896
Enterprise Fund - Food Service 159,660,869
Total $ 772,941,064
Title: Note E – Food Donation
Accounting Policies: Governmental fund types account for the District’s federal grant activity included in the general and federal projects funds. Therefore, expenditures in the schedule of expenditures of federal awards are recognized on the modified accrual basis – when they become a demand on current available financial resources. 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.
Proprietary fund types account for the District’s federal grant activity included in the food service fund. Such expenditures are recognized on the accrual basis – when a liability is incurred. The District’s summary of significant accounting policies is presented in Note 1 in the District’s basic financial statements.
No federal financial assistance has been provided to a sub recipient.
De Minimis Rate Used: N
Rate Explanation: Clark County School District has not elected to use the 10% De Minimis indirect cost rate.
Nonmonetary assistance is reported in this schedule at the fair market value of the commodities received and disbursed. The amounts shown as expenditures of the National School Lunch Program include the fair value of $12,269,161 commodity food received by the District. At June 30, 2024, the District had food commodities totaling $8,625,668 in inventory.
Title: Note F – Food Service Revenue
Accounting Policies: Governmental fund types account for the District’s federal grant activity included in the general and federal projects funds. Therefore, expenditures in the schedule of expenditures of federal awards are recognized on the modified accrual basis – when they become a demand on current available financial resources. 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.
Proprietary fund types account for the District’s federal grant activity included in the food service fund. Such expenditures are recognized on the accrual basis – when a liability is incurred. The District’s summary of significant accounting policies is presented in Note 1 in the District’s basic financial statements.
No federal financial assistance has been provided to a sub recipient.
De Minimis Rate Used: N
Rate Explanation: Clark County School District has not elected to use the 10% De Minimis indirect cost rate.
The District has certain grant programs where federal financial assistance is received on a rate per meal basis, rather than an expenses reimbursement basis. Amounts received under these programs must be used on the District's food service program, which is pooled and supported across all of these grant programs. The District has recognized amounts on the Schedule of Expenditures of Federal Awards using the proportional revenue of each program multiplied by the operating expenses, less depreciation, plus capital expenditures of the Food Service Enterprise Fund as follows:
Federal Financial Listing Revenue Expense
$ 31,620,036 $ 27,327,088
104,453,707 90,272,373
12,269,161 12,269,161
296,709 256,426
684,633 591,683
1,194,149 1,032,023
5,819,535 5,029,436
6,381,387 5,515,007
20,096,045 17,367,672
Total $ 182,815,362 $ 159,660,869