Title: SCOPE OF AUDIT PURSUANT TO OMB UNIFORM GRANT GUIDANCE
Accounting Policies: All federal grant operations of Rio Rancho Public School District No. 94 (the District) are included in the scope of the Office of Management and Budget (OMB) Uniform Grant Guidance audit (the "Single Audit"). The Single Audit was performed in accordance with the provisions of the OMB Circular Compliance Supplement. Compliance testing of all requirements are described in the Compliance Supplement, was performed for the grants programs noted to ensure coverage of at least 20% (LOW risk auditee) of federally granted funds. Actual coverage is approximately 37.84% of total cash and non-cash federal award program expenditures. Total cash expenditures were in the amount of $25,449,816 and all non-cash expenditures amounted to $0.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimus indirect cost. The District uses 5.71% indirect cost rate as determined by New Mexico Public Education Department.
All federal grant operations of Rio Rancho Public School District No. 94 (the District) are included in the scope of the Office of Management and Budget (OMB) Uniform Grant Guidance audit (the "Single Audit"). The Single Audit was performed in accordance with the provisions of the OMB Circular Compliance Supplement. Compliance testing of all requirements are described in the Compliance Supplement, was performed for the grants programs noted to ensure coverage of at least 20% (LOW risk auditee) of federally granted funds. Actual coverage is approximately 37.84% of total cash and non-cash federal award program expenditures. Total cash expenditures were in the amount of $25,449,816 and all non-cash expenditures amounted to $0.
Title: BASIS OF PRESENTATION
Accounting Policies: All federal grant operations of Rio Rancho Public School District No. 94 (the District) are included in the scope of the Office of Management and Budget (OMB) Uniform Grant Guidance audit (the "Single Audit"). The Single Audit was performed in accordance with the provisions of the OMB Circular Compliance Supplement. Compliance testing of all requirements are described in the Compliance Supplement, was performed for the grants programs noted to ensure coverage of at least 20% (LOW risk auditee) of federally granted funds. Actual coverage is approximately 37.84% of total cash and non-cash federal award program expenditures. Total cash expenditures were in the amount of $25,449,816 and all non-cash expenditures amounted to $0.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimus indirect cost. The District uses 5.71% indirect cost rate as determined by New Mexico Public Education Department.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of the District 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 the Office of Management and Budget, Title 2 U.S. Code of Federal regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule is prepared using the accrual basis of accounting. Grant revenues are recorded for Donation Program are based upon commodities received, at amounts per standard price listing, published quarterly by the United States Department of Agriculture (the "USDA"). In addition, there is no federal insurance in effect during the year and loan or loan guarantee outstanding at year end. Since the schedule only presents a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the Rio Rancho Public School District No. 94.
Title: ACCRUED AND DEFERRED REIMBURSEMENTS
Accounting Policies: All federal grant operations of Rio Rancho Public School District No. 94 (the District) are included in the scope of the Office of Management and Budget (OMB) Uniform Grant Guidance audit (the "Single Audit"). The Single Audit was performed in accordance with the provisions of the OMB Circular Compliance Supplement. Compliance testing of all requirements are described in the Compliance Supplement, was performed for the grants programs noted to ensure coverage of at least 20% (LOW risk auditee) of federally granted funds. Actual coverage is approximately 37.84% of total cash and non-cash federal award program expenditures. Total cash expenditures were in the amount of $25,449,816 and all non-cash expenditures amounted to $0.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimus indirect cost. The District uses 5.71% indirect cost rate as determined by New Mexico Public Education Department.
Various reimbursement procedures are used for Federal awards received by the District. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year end represent an excess of reimbursable expenditures over receipts to date. Deferred balance at year-end represent an excess of cash receipts over reimbursable expenditures to date. Generally, accrued or deferred balances covered by differences in the timing of cash receipts and expenditures will be reversed in the remaining grant period.
Title: INDIRECT COSTS
Accounting Policies: All federal grant operations of Rio Rancho Public School District No. 94 (the District) are included in the scope of the Office of Management and Budget (OMB) Uniform Grant Guidance audit (the "Single Audit"). The Single Audit was performed in accordance with the provisions of the OMB Circular Compliance Supplement. Compliance testing of all requirements are described in the Compliance Supplement, was performed for the grants programs noted to ensure coverage of at least 20% (LOW risk auditee) of federally granted funds. Actual coverage is approximately 37.84% of total cash and non-cash federal award program expenditures. Total cash expenditures were in the amount of $25,449,816 and all non-cash expenditures amounted to $0.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimus indirect cost. The District uses 5.71% indirect cost rate as determined by New Mexico Public Education Department.
The District has not elected to use the 10% de minimus indirect cost. The District uses 5.71% indirect cost rate as determined by New Mexico Public Education Department.
Title: RECONCILIATION OF FEDERAL AWARDS TO EXPENDITURE OF FEDERAL AWARDS
Accounting Policies: All federal grant operations of Rio Rancho Public School District No. 94 (the District) are included in the scope of the Office of Management and Budget (OMB) Uniform Grant Guidance audit (the "Single Audit"). The Single Audit was performed in accordance with the provisions of the OMB Circular Compliance Supplement. Compliance testing of all requirements are described in the Compliance Supplement, was performed for the grants programs noted to ensure coverage of at least 20% (LOW risk auditee) of federally granted funds. Actual coverage is approximately 37.84% of total cash and non-cash federal award program expenditures. Total cash expenditures were in the amount of $25,449,816 and all non-cash expenditures amounted to $0.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimus indirect cost. The District uses 5.71% indirect cost rate as determined by New Mexico Public Education Department.
The differences between the federal awards received (Intergovernmental source - federal) during the year ended June 30, 2024 and the federal awards expended during the year as follows: