Title: 1. BASIS FOR PRESENTATION
Accounting Policies: Federal and state grants and entitlements are recognized are revenue in the period the District is entitled to the resources and the amounts are available. Expenditure-driven programs currently reimbursable are recognized as revenue when the qualifying expenditures have been incurred and the amounts are available. Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied.
It is the District's policy to first apply cost-reimbursement grant resources to such programs, followed by block grants, and then by general revenues.
On the accrual basis of accounting, expenses are recognized at the time they are incurred. The fair value of donated commodities used during the year is reported in the operating statement as an expense with a like amount reported as donated commodities revenue.
The measurement focus of governmental fund accounting is on decreases in financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred. Allocations of cost, such as depreciation are not recognized in governmental funds.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #38 does not utilize the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Fremont County School District #38 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 the Audit Requirements for Federal Awards (Uniform Guidance). All federal financial awards received directly from federal agencies as well as federal financial awards passed through from other governmental agencies are included in the schedule. Because the schedule presents only a selected portion of the operations of Fremont County School District #38, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Fremont County School District #38.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Federal and state grants and entitlements are recognized are revenue in the period the District is entitled to the resources and the amounts are available. Expenditure-driven programs currently reimbursable are recognized as revenue when the qualifying expenditures have been incurred and the amounts are available. Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied.
It is the District's policy to first apply cost-reimbursement grant resources to such programs, followed by block grants, and then by general revenues.
On the accrual basis of accounting, expenses are recognized at the time they are incurred. The fair value of donated commodities used during the year is reported in the operating statement as an expense with a like amount reported as donated commodities revenue.
The measurement focus of governmental fund accounting is on decreases in financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred. Allocations of cost, such as depreciation are not recognized in governmental funds.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #38 does not utilize the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the same basis of accounting used in preparation of the fund financial statements from which the information was derived as described in Note 1 to the District's basic financial statements. 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.
Categorical block grants are recorded at the time of receipt or earlier if the susceptible-to-accural criteria are met. Cost-reimbursement grants are recognized as revenue when the qualifying expenditures have been incurred and all other grant requirements have been met.
Title: 3. COMMODITIES
Accounting Policies: Federal and state grants and entitlements are recognized are revenue in the period the District is entitled to the resources and the amounts are available. Expenditure-driven programs currently reimbursable are recognized as revenue when the qualifying expenditures have been incurred and the amounts are available. Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied.
It is the District's policy to first apply cost-reimbursement grant resources to such programs, followed by block grants, and then by general revenues.
On the accrual basis of accounting, expenses are recognized at the time they are incurred. The fair value of donated commodities used during the year is reported in the operating statement as an expense with a like amount reported as donated commodities revenue.
The measurement focus of governmental fund accounting is on decreases in financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred. Allocations of cost, such as depreciation are not recognized in governmental funds.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #38 does not utilize the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Nonmonetary assistance, such as food received from the United States Department of Agriculture, is reported as revenue, at fair market value, on the date received by the District.
Title: 4. INDIRECT COST RATES
Accounting Policies: Federal and state grants and entitlements are recognized are revenue in the period the District is entitled to the resources and the amounts are available. Expenditure-driven programs currently reimbursable are recognized as revenue when the qualifying expenditures have been incurred and the amounts are available. Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied.
It is the District's policy to first apply cost-reimbursement grant resources to such programs, followed by block grants, and then by general revenues.
On the accrual basis of accounting, expenses are recognized at the time they are incurred. The fair value of donated commodities used during the year is reported in the operating statement as an expense with a like amount reported as donated commodities revenue.
The measurement focus of governmental fund accounting is on decreases in financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred. Allocations of cost, such as depreciation are not recognized in governmental funds.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #38 does not utilize the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Fremont County School District #38 does not utilize the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 5. SUBRECIPIENTS
Accounting Policies: Federal and state grants and entitlements are recognized are revenue in the period the District is entitled to the resources and the amounts are available. Expenditure-driven programs currently reimbursable are recognized as revenue when the qualifying expenditures have been incurred and the amounts are available. Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied.
It is the District's policy to first apply cost-reimbursement grant resources to such programs, followed by block grants, and then by general revenues.
On the accrual basis of accounting, expenses are recognized at the time they are incurred. The fair value of donated commodities used during the year is reported in the operating statement as an expense with a like amount reported as donated commodities revenue.
The measurement focus of governmental fund accounting is on decreases in financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred. Allocations of cost, such as depreciation are not recognized in governmental funds.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #38 does not utilize the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Funds have been passed on to a subrecipient - Fremont County School District #25 - in the amount of $208,573 for tuition support.
Title: 6. SCHOOL ASSISTANCE IN FEDERALLY AFFECTED AREAS - IMPACT AID
Accounting Policies: Federal and state grants and entitlements are recognized are revenue in the period the District is entitled to the resources and the amounts are available. Expenditure-driven programs currently reimbursable are recognized as revenue when the qualifying expenditures have been incurred and the amounts are available. Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied.
It is the District's policy to first apply cost-reimbursement grant resources to such programs, followed by block grants, and then by general revenues.
On the accrual basis of accounting, expenses are recognized at the time they are incurred. The fair value of donated commodities used during the year is reported in the operating statement as an expense with a like amount reported as donated commodities revenue.
The measurement focus of governmental fund accounting is on decreases in financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred. Allocations of cost, such as depreciation are not recognized in governmental funds.
De Minimis Rate Used: N
Rate Explanation: Fremont County School District #38 does not utilize the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The District receives funding through the School Assistance in Federally Affected Areas as the District is on the Wind River Indian Reservation. These funds are provided in lieu of property taxes and the District's policy is to expend its State and Local funding received in the General Fund before these federal funds. The following is a schedule reconciling the federal funds reported on the governmental funds financial statements to the expenditures on the Schedule of Expenditures of Federal Awards: