Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Redwater Independent School District (the District) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Redwater Independent School District (the District) and is presented on the modified accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements of
Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in preparation of the general-purpose financial statements.
Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of
the grant and accordingly when such funds are received, they are recorded as deferred revenues until
earned.
The District participates in numerous state and federal grant programs governed by various rules and
regulations of grantor agencies. Costs charged to the respective grant programs are subject to audit and
adjustment by the grantor agencies; therefore, to the extent that the District has not complied with the
rules and regulations governing the grants, if any, refunds of any money received may be required and the
collectability of any related receivable at August 31, 2024, may be impaired. In the opinion of the
District, there are no significant contingent liabilities relating to compliance with the rules and regulations
governing the respective grants; therefore, no provision has been recorded in the accompanying basic
financial statements for such contingency.
Title: De Minimis Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Redwater Independent School District (the District) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the de minimis indirect cost rate.
The District did not elect to sue the 10% de minimis indirect cost rate for the year ending August 31, 2024.
Title: Medicaid Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Redwater Independent School District (the District) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the de minimis indirect cost rate.
During the year ending August 31, 2024, the District received Medicaid funds of $47,278 which is not considered a federal award since it is direct cash assistance to individuals.
Title: E-Rate Funding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Redwater Independent School District (the District) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the de minimis indirect cost rate.
During the year ending August 31, 2024, the District received a discount on technology infrastructure in the amount of $21,360 in the general fund. These amounts are reflected as federal revenues in the current year.
Title: Reconciliation of Federal Funds
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Redwater Independent School District (the District) and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the general-purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the de minimis indirect cost rate.
Federal Funds Per K-1 $1,488,020
Medicaid SHARS $47,278
ERATE $21,360
Total Federal Funds $1,556,658