Title: General
Accounting Policies: The 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 financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board used the indirect cost rates approved by the grantor agencies.
The preceding Schedule of Expenditures of Federal Awards presents the activity of all Federal financial assistance programs of the City of Monroe School Board (the School Board). The School Board reporting entity is defined in Note 1 to the School Board's general purpose financial statements. All Federal financial assistance received directly from Federal agencies as well as Federal financial assistance passed through other government agencies is included on the schedule.
Title: Relationship to the Financial Statements
Accounting Policies: The 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 financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board used the indirect cost rates approved by the grantor agencies.
The following reconciliation is provided to help the reader of the School Board’s financial statements and
supplementary information relate such information to the Schedule of Expenditures of Federal Awards for
the year June 30, 2024:
Total federal awards expended per Schedule of Expenditures of Federal Awards $ 45,847,865
Total expenditures funded by other sources 107,510,787Total expenditures $ 153,358,652
Title: Non-Cash Assistance
Accounting Policies: The 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 financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board used the indirect cost rates approved by the grantor agencies.
Included in the Child Nutrition Cluster is $511,069 of non‐cash awards in the form of commodities provided by
the United States Department of Agriculture.
Title: Relationship to Federal Financial Reports
Accounting Policies: The 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 financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board used the indirect cost rates approved by the grantor agencies.
The commodities received, which are noncash expenditures, are valued using prices provided by the
United States Department of Agriculture
Title: Subrecipients
Accounting Policies: The 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 financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board used the indirect cost rates approved by the grantor agencies.
The City of Monroe School Board did not provide federal funds to any sub‐recipients during the year ended June
30, 2024.
Title: Loans
Accounting Policies: The 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 financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board used the indirect cost rates approved by the grantor agencies.
The City of Monroe School Board did not expend federal awards related to loans or loan guarantees during the
year ended June 30, 2024.
Title: Federal Funded Insurance
Accounting Policies: The 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 financial statements.
De Minimis Rate Used: N
Rate Explanation: The School Board used the indirect cost rates approved by the grantor agencies.
The City of Monroe School Board has no federally funded insurance.