Title: Note A - Basis of Presentation
Accounting Policies: A) The accompanying schedule of federal and state awards (the Schedule) includes federal and state award activity of Oak Ridge Schools under programs of the federal and state governments 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 Oak Ridge Schools, it is not intended to and does not present the financial position, changes in net position, or cash flows of Oak Ridge Schools. B) (1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: Oak Ridge Schools has elected to use an indirect cost rate of 6.0% for the following programs, as allowed under the Uniform Guidance: TNSyStems, Title I, Title II, Title IV - 21st Century, Carl Perkins Act, IDEA Discretionary, IDEA B, IDEA Preschool, ESSER, CRESO, Innovative High School. Oak Ridge Schools used a maximum allowed indirect cost rate of 2% for Title III and Title IV.
The accompanying schedule of federal and state awards (the Schedule) includes federal and state award activity of Oak Ridge Schools under programs of the federal and state governments 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 Oak Ridge Schools, it is not intended to and does not present the financial position, changes in net position, or cash flows of Oak Ridge Schools.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: A) The accompanying schedule of federal and state awards (the Schedule) includes federal and state award activity of Oak Ridge Schools under programs of the federal and state governments 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 Oak Ridge Schools, it is not intended to and does not present the financial position, changes in net position, or cash flows of Oak Ridge Schools. B) (1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Both
Rate Explanation: Oak Ridge Schools has elected to use an indirect cost rate of 6.0% for the following programs, as allowed under the Uniform Guidance: TNSyStems, Title I, Title II, Title IV - 21st Century, Carl Perkins Act, IDEA Discretionary, IDEA B, IDEA Preschool, ESSER, CRESO, Innovative High School. Oak Ridge Schools used a maximum allowed indirect cost rate of 2% for Title III and Title IV.
(1) Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Oak Ridge Schools has elected to use an indirect cost rate of 6.0% for the following programs, as allowed under the Uniform Guidance: TNSyStems, Title I, Title II, Title IV - 21st Century, Carl Perkins Act, IDEA Discretionary, IDEA B, IDEA Preschool, ESSER, CRESO, Innovative High School. (3) Oak Ridge Schools used a maximum allowed indirect cost rate of 2% for Title III and Title IV.