Title: NOTE 3 - RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of
Expenditures of Federal Awards includes the federal award activity of the
Vernon Parish School Board, Leesville, Louisiana 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 the operations of the
School Board, it is not intended to and does not present the financial position
or changes in net assets of the School Board.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The
accompanying Schedule of Expenditures of Federal Awards is presented using
the modified accrual basis of accounting, which is described in Note 1 to the
School Board's basic financial statements of the School Board’s Annual
Comprehensive Financial Report. Such expenditures are recognized following
the 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 School Board has elected not to use the de minimis indirect cost rate
allowed under the Uniform Guidance.
NOTE 3 - RELATIONSHIP TO BASIC FINANCIAL STATEMENTS Federal
awards revenues are reported in the School Board's basic financial
statements as follows:
Federal Sources
Major Funds:
General $6,898,043
Headstart 4,939,796
Education Stabilization Grant 6,176,643
Non Major Funds:
Special Education 2,064,240
School Food Service 4,001,483
Title I 2,436,513
Stronger Connections 518,355
Miscellaneous Federal Grants 1,636,471
Hurricane Laura Construction 248,682
DCIP Construction fund 1,247,830
Total per Schedule of Expenditures of Federal Awards 30,168,056
Title: NOTE 4 RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of
Expenditures of Federal Awards includes the federal award activity of the
Vernon Parish School Board, Leesville, Louisiana 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 the operations of the
School Board, it is not intended to and does not present the financial position
or changes in net assets of the School Board.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The
accompanying Schedule of Expenditures of Federal Awards is presented using
the modified accrual basis of accounting, which is described in Note 1 to the
School Board's basic financial statements of the School Board’s Annual
Comprehensive Financial Report. Such expenditures are recognized following
the 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 School Board has elected not to use the de minimis indirect cost rate
allowed under the Uniform Guidance.
NOTE 4 - RELATIONSHIP TO FEDERAL FINANCIAL REPORTS Amounts
reported in the accompanying schedule agree with the amounts
reported in the related federal financial reports except for changes
made to reflect amounts in accordance with accounting principles
generally accepted in the United States of America.
Title: NOTE 5 - MATCHING REVENUES
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of
Expenditures of Federal Awards includes the federal award activity of the
Vernon Parish School Board, Leesville, Louisiana 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 the operations of the
School Board, it is not intended to and does not present the financial position
or changes in net assets of the School Board.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The
accompanying Schedule of Expenditures of Federal Awards is presented using
the modified accrual basis of accounting, which is described in Note 1 to the
School Board's basic financial statements of the School Board’s Annual
Comprehensive Financial Report. Such expenditures are recognized following
the 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 School Board has elected not to use the de minimis indirect cost rate
allowed under the Uniform Guidance.
NOTE 5 - MATCHING REVENUES For those funds that have matching
revenues and state funding, federal expenditures were determined
by deducting matching revenues from total expenditures.
Title: NOTE 6 - NONCASH PROGRAMS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of
Expenditures of Federal Awards includes the federal award activity of the
Vernon Parish School Board, Leesville, Louisiana 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 the operations of the
School Board, it is not intended to and does not present the financial position
or changes in net assets of the School Board.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The
accompanying Schedule of Expenditures of Federal Awards is presented using
the modified accrual basis of accounting, which is described in Note 1 to the
School Board's basic financial statements of the School Board’s Annual
Comprehensive Financial Report. Such expenditures are recognized following
the 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 School Board has elected not to use the de minimis indirect cost rate
allowed under the Uniform Guidance.
NOTE 6 - NONCASH PROGRAMS The commodities received, which
are noncash revenues, are valued using prices provided by the
United States Department of Agriculture.
Title: NOTE 7 - INDIRECT COST RATE
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of
Expenditures of Federal Awards includes the federal award activity of the
Vernon Parish School Board, Leesville, Louisiana 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 the operations of the
School Board, it is not intended to and does not present the financial position
or changes in net assets of the School Board.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The
accompanying Schedule of Expenditures of Federal Awards is presented using
the modified accrual basis of accounting, which is described in Note 1 to the
School Board's basic financial statements of the School Board’s Annual
Comprehensive Financial Report. Such expenditures are recognized following
the 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 School Board has elected not to use the de minimis indirect cost rate
allowed under the Uniform Guidance.
NOTE 7 - INDIRECT COST RATE The School Board has elected not to
use the de minimis indirect cost rate allowed under the Uniform
Guidance.