Title: NOTE 1 - PURPOSE OF SCHEDULES
Accounting Policies: The Schedule of Expenditure of Federal Awards includes the
federal award activity of Galt Joint Union High School District and is presented on the 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). Expenditures are recognized following cost
principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or
are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Schedule of Expenditures of Federal Awards: The Schedule of Expenditure of Federal Awards includes the
federal award activity of Galt Joint Union High School District and is presented on the 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). Expenditures are recognized following cost
principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or
are limited as to reimbursement. The District has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Title: NOTE 2 - EARLY RETIREMENT INCENTIVE PROGRAM
Accounting Policies: The Schedule of Expenditure of Federal Awards includes the
federal award activity of Galt Joint Union High School District and is presented on the 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). Expenditures are recognized following cost
principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or
are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Education Code Section 14502 requires certain disclosures in the financial statements of districts which
adopt Early Retirement Incentive Programs pursuant to Education Code Sections 22714 and 44929.
Eligible employees must have five or more years of service under the State Teachers’ Retirement System
and retire during the exclusive periods of participation, June 6, 2024 to August 6, 2024.
Retiree Information: A total of 5 employees have retired in exchange for the additional two years of service
credit.
Savings
Position Service Total Period
Vacated Age Credit Retiree Replacement Savings Retiree Replacement Savings Savings (in Years)
Teacher 56 33 $ 117,214 N/A $ 117,214 3 1,462 N/A $ 31,462 $ 148,676 3
Teacher 59 37 117,214 N/A 117,214 3 6,238 N/A 36,238 153,452 3
Teacher 65 18 110,405 N/A 110,405 3 8,054 N/A 38,054 148,459 3
Teacher 60 31 116,023 67,986 48,037 27,886 2 0,643 7 ,243 55,280 3
Superintendent 58 34 209,200 212,000 (2,800) 47,454 60,380 (12,926) (15,726) 3
$ 670,056 $ 279,986 $ 390,070 $ 181,094 $ 81,023 $ 100,071 $ 490,141
Salary Benefits
Additional Costs: As a result of this early retirement incentive program, the District expects to incur
additional costs of $468,070 in administrative fees, present value and two years of post-retirement health
care benefit costs.