Title: General
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award
programs of Monte Alto ISD. The District’s reporting entity is defined in Note 1 of the financial
statements. Federal awards received directly from federal agencies, as well as federal awards passed
through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
Federal funds for the Child Nutrition Cluster, the Child and Adult Care Food Program, and revenues
for indirect costs are reported in the General Fund. All other federal programs are accounted for and
reported in Special Revenue Funds.
Title: Basis of Accounting and Presentation
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code
of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). The accounting and financial reporting
treatment applied to a fund is determined by its measurement focus. The Governmental Fund Types are
accounted for using a current financial resources measurement focus. All Federal grant funds were
accounted for in a Special Revenue Fund, or in some instances, in the General Fund which are
Governmental Fund type funds.
With this measurement focus, only current assets and current liabilities and the fund balance are
included on the balance sheet. Operating statements of these funds present increases and decreases in
net current assets. The modified accrual basis of accounting is used for the Governmental Fund types.
This basis of accounting recognizes revenues in the accounting period in which they become susceptible
to accrual, i.e., both measurable and available, and expenditures in the accounting period in which the
fund liability is incurred, if measurable, except for unmatured interest on General Long-Term Debt,
which is recognized when due, and certain compensated absences and claims and judgments, which are
recognized when the obligations are expected to be liquidated with expendable available financial
resources.
Federal grant funds are earned to the extent of expenditures made under the provisions of the grant,
and, accordingly, when such funds are received, they are recorded as unearned revenues until earned.
The period performance for federal grant funds for the purpose of liquidation of outstanding obligations
made on or before the ending date of the federal project period extended 90 days beyond the federal
project period ending date, in accordance with provisions in Section H, Period of Performance of
Federal Funds, Part 3, Uniform Guidance Compliance Supplement.
Title: Sub-Recipients
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
During the fiscal year ended August 31, 2024, the District did not have any sub-recipients.
Title: Indirect Cost Rate
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Federal Loans And Loan Guarantees
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
During the fiscal year ended August 31, 2024, the District had no outstanding federal loans payable or
loan guarantees.
Title: Federally Funded Insurance
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
During the fiscal year ended August 31, 2024, the District had no outstanding federally funded
insurance.
Title: Non-cash Awards
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
For the year ended August 31, 2024, the District received $97,171 as non-cash assistance under the
National School Lunch Program.
Title: Contingencies
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
Grant monies received and disbursed by the District are for specific purposes and are subject to review
by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed
expenditures. Based upon experience, the District does not believe that such disallowance, if any, would
have a material effect on the financial position of the District.
Title: Federal Pass-Through Funds
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
The District is the sub-recipient of $0 in federal funds that have been subjected to testing and are
reported as expenditures and listed as federal pass-through funds. Federal awards other than those
indicated as pass-through are considered direct.
Title: Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
Accounting Policies: GENERAL, BASIS OF ACCOUNTING AND PRESENTATION, Sub-Recipients, Indirect Cost Rate, Federal Loans And Loan Guarantees, Federally Funded Insurance, Non-cash Awards, Contingencies, Federal Pass-Through Funds, Reconciliation of the Schedule of Expenditures of Federal Awards to Exhibit C-3
De Minimis Rate Used: N
Rate Explanation: Monte Alto ISD has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
N/A