Title: Note A - Basis of Presentation
Accounting Policies: The accompanying schedule of federal awards includes the federal grant awards of the Iberville Parish School Board and is presented on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The School Board used direct costs for all federal awards expended.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Iberville Parish School Board (the School Board) under programs of the federal government for the year ended June 30, 2024. 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). Because the schedule presents only a selected portion of operations of the School Board, it is not intended to and does not present the financial position or changes in operations of the School Board.
Title: Note B - Food Distribution
Accounting Policies: The accompanying schedule of federal awards includes the federal grant awards of the Iberville Parish School Board and is presented on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The School Board used direct costs for all federal awards expended.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received. The balance of commodities received for the year ended June 30, 2024 is $56,252.
Title: Note C - Relationship to Financial Statements
Accounting Policies: The accompanying schedule of federal awards includes the federal grant awards of the Iberville Parish School Board and is presented on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The School Board used direct costs for all federal awards expended.
Federal assistance expended as reported on Schedule of Expenditures of Federal Awards $17,078,548
The federal revenues are recognized in the financial statements as follows:
General Fund - Restricted grants-in-aid $41,662
Education Stabilization Fund - Restricted grants-in-aid $5,245,997
Other Governmental - Restricted grants-in-aid $11,546,417
Other Governmental - Commodities $244,472
Federal Revenues $17,078,548
Title: Note D - Indirect Cost Rate
Accounting Policies: The accompanying schedule of federal awards includes the federal grant awards of the Iberville Parish School Board and is presented on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The School Board used direct costs for all federal awards expended.
Iberville Parish School Board has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note E - Subawards
Accounting Policies: The accompanying schedule of federal awards includes the federal grant awards of the Iberville Parish School Board and is presented on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The School Board used direct costs for all federal awards expended.
Iberville Parish School Board did not pass through any subawards during the year ended June 30, 2024.