Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: BASIS OF ACCOUNTING -
Expenditures reported on the Schedule are presented using the accrual method of accounting. Under this method, grant revenue is recognized to the extent expenditures are incurred. Expenditures are recognized when the liability for the expenditure is incurred rather than when the disbursement is actually made.
The federal expenditures are recognized, as applicable, under the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Moniteau School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the ‘Schedule’) includes the federal grant activity administered by the Moniteau School District 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 Grant Guidance – UGG). Because the Schedule presents only a selected portion of the operations of the School District, it is not intended to and does not present the financial position or changes in net position of the Moniteau School District.
Title: NOTE 3 - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: BASIS OF ACCOUNTING -
Expenditures reported on the Schedule are presented using the accrual method of accounting. Under this method, grant revenue is recognized to the extent expenditures are incurred. Expenditures are recognized when the liability for the expenditure is incurred rather than when the disbursement is actually made.
The federal expenditures are recognized, as applicable, under the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Moniteau School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal financial award revenues are included in the financial statements as ‘local source’ and 'federal source' revenues.
Title: NOTE 4 - RECEIVABLES AND UNEARNED REVENUE
Accounting Policies: BASIS OF ACCOUNTING -
Expenditures reported on the Schedule are presented using the accrual method of accounting. Under this method, grant revenue is recognized to the extent expenditures are incurred. Expenditures are recognized when the liability for the expenditure is incurred rather than when the disbursement is actually made.
The federal expenditures are recognized, as applicable, under the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Moniteau School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal grants receivable are included as part of 'due from other governments' in Exhibit A and Exhibit C as referenced in Note 4 to the Financial Statements. Unearned federal grant revenue, if any, is included as part of 'unearned revenue' in Exhibit A and Exhibit C and is referenced in Note 6 to the Financial Statements.
Title: NOTE 5 - NON-CASH ASSISTANCE
Accounting Policies: BASIS OF ACCOUNTING -
Expenditures reported on the Schedule are presented using the accrual method of accounting. Under this method, grant revenue is recognized to the extent expenditures are incurred. Expenditures are recognized when the liability for the expenditure is incurred rather than when the disbursement is actually made.
The federal expenditures are recognized, as applicable, under the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Moniteau School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Moniteau School District received donated commodities from the Department of Agriculture in connection with its food service program. The amount of non-cash assistance expended in the accompanying schedule of expenditures of federal awards reflects the fair market value of the commodities used during the 2023-2024 fiscal year.
Title: NOTE 7 - PCCD FUNDING EXPLANATION
Accounting Policies: BASIS OF ACCOUNTING -
Expenditures reported on the Schedule are presented using the accrual method of accounting. Under this method, grant revenue is recognized to the extent expenditures are incurred. Expenditures are recognized when the liability for the expenditure is incurred rather than when the disbursement is actually made.
The federal expenditures are recognized, as applicable, under the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Moniteau School District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The financial activity related to the Pennsylvania Commission on Crime and Delinquency (PCCD) grant #2020-ES-01-35157 (ALN-84.425D) for the Moniteau School District’s fiscal years ending June 30, 2022 and June 30, 2023 was erroneously reflected on the financial records of the District as State funds. Therefore, the financial activity for this grant for both fiscal years was not reflected on the Schedule of Expenditures of Federal Awards (SEFA). The grant expenditures for the PCCD should have been reported in the amount of $34,333 on the fiscal year 2021-2022 SEFA with a corresponding receivable due the District in that same amount as of June 30, 2022. The fiscal year ended June 30, 2023 SEFA of the District should have reported the actual receipt of the outstanding receivable to close out the grant with no expenditures reflected on the 2022-2023 SEFA.