Title: Summary of Significant Accouning Policies - General
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
The accompaying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Winthrop Harbor School District No. 1. The District's reporting entity is defined in Note 1 to the Distrit's financial statements. Federal awards passed through other government agencies are included on the schedule.
Title: Summary of Significant Accouning Policies - Basis of Accounting
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
The accompaying Schedule of Expenditures of Federal Awards is presented using the cash basis of accounting, which is describled in Note 1 to the District's financial statements.
Title: Summary of Significant Accounting Policies - Relationship to Basis Financial Statements
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
Federal awards received are reflected in the District's financial statements within the General (Education) Fund as receipts from federal sources.
Title: Summary of Significant Accounting Policies - Relationship to Program Financial Reports
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with aomounts reported in the Program Financial Reports for programs which have filed final reports as of June 30, 2024, with the Illinois State Board of Education.
Title: Non-Cash Assistance
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
The fair market value of federal awards expended in the form of non-cash assistance was $15,762 in the value of food commodities, and fruits and vegetables, received from the US Department of Agriculture during the year ended June 30, 2024.
Title: Non-Cash Assistance
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
The fair market value of federal awards expended in the form of donated, federally funded personal protective equipment (PPE) received was $-0- during the year ended June 30, 2024.
Title: Non-Cash Assistance
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
The amount of federal insurance in effect during the year ended June 30, 2024 was $-0-.
Title: Non-Cash Assistance
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
The amount of federal loans or loan guarantees, including interest subsidies, outstanding at June 30, 2024 was $-0-.
Title: Indirect Facilities and Administration Costs.
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
The District elected not to use the 10% de minimis indirect cost rate during the year ended June 30, 2024.
Title: Subrecipients
Accounting Policies: See Schedule Attached.
De Minimis Rate Used: N
Rate Explanation: No de minimis costs were used by the entity.
Of the federal expenditures reported in the Schedule of Expenditures of Dederal Awards, amounts provided to subrecipients during the year ended June 30, 2024 was $-0-.