Title: General
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal programs of Glenvew Communitiy Consolidated School District No. 34. The District's reporting entity is defined in Note1 to the District's financial statements. Federal awards passed through other government agencies are included on the schedule.
Title: Basis of Accounting
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
The accompanying Schedule of Expenditures of Federal Awards is presented using the cash basis of accounting, which is a basis of accounting used in reporting to the Illnois State Board of Education.
Title: Relationship to the Basic Financial Statements
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
Federal awards received are reflected in the District's financial statements within the Educational Fund as receipts from federal sources.
Title: Relationship to Program Financial Statements
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts 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: Loans & Non-Cash Assistance
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
For the year ended June 30, 2024, the fair market value of federal awards received in the form of non-cash assistance was $185,849. This amount is reported in accompanying Schedule of Expenditures of Federal Awards under the Department of Agriculture's National Food Commodities Program and the Department of Defense Fresh Fruits & Vegetables Program. The amount of federal loans or loan guarantees, including interest subsidies, outstanding at June 30, 2024 was $-0-.
Title: Insurance & Other Non-Cash
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
The amount of federal insurance in effect during the year ended June 30, 2024 was $-0-. For the year ended June 30, 2024, the fair market value of donated, federally funded personal protective equipment(PPE) received was $-0-.
Title: Subrecipient Reporting
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
No amounts were provided to Subrecipients.
Title: Indirect Facilities & Administrative Costs
Accounting Policies: SEE ATTACHED POLICIES
De Minimis Rate Used: N
Rate Explanation: De minimis cost rate does not apply.
The auditee did not elect to use the 10% de minimis cost rate.