Notes to SEFA
Title: 1. Scope of Audit Pursuant to OMB Uniform Grant Guidance
Accounting Policies: All federal grant operations of Fort Sumner Municipal Schools (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 below. These programs represent all federal award programs and other grant with fiscal year 2024 cash and non-cash expenditures to ensure coverage of at lease 40% (HIGH risk auditee) of federally granted funds.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost.
All federal grant operations of Fort Sumner Municipal Schools (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 below. These programs represent all federal award programs and other grant with fiscal year 2024 cash and non-cash expenditures to ensure coverage of at lease 40% (HIGH risk auditee) of federally granted funds.
Title: 2. Basis of Presentation
Accounting Policies: All federal grant operations of Fort Sumner Municipal Schools (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 below. These programs represent all federal award programs and other grant with fiscal year 2024 cash and non-cash expenditures to ensure coverage of at lease 40% (HIGH risk auditee) of federally granted funds.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost.
The accompanying Schedule of Expenditures of Federal Awards (the"Schedule") includes the federal grant activity of the District under program of the federal government for the year ended June30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Managment and Budget (OMB) Uniform Grant Guidance. Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position and changes in net position of the District. All federal programs considered active during the year ended June 30, 2024, are reflected on the Schedule. An active federal program is defined as a federal program for which there were receipts or disbursements of funds or accrued (deferred) grant revenue adjustments during the fiscal year or a federal program considered as not complete or closed out at the beginning of the fiscal year. The Schedule is prepared using the accrual basis of accounting.
Title: 3. Accrued and deferred reimbursements
Accounting Policies: All federal grant operations of Fort Sumner Municipal Schools (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 below. These programs represent all federal award programs and other grant with fiscal year 2024 cash and non-cash expenditures to ensure coverage of at lease 40% (HIGH risk auditee) of federally granted funds.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost.
Various reimbursement procedures are used for Federal awards received by the District. Consequently, timing difference between expenditure and programs 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 cover by difference in timing of cash receipts and expenditures will be reversed in the remaining grant period.
Title: 4. Subrecipients
Accounting Policies: All federal grant operations of Fort Sumner Municipal Schools (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 below. These programs represent all federal award programs and other grant with fiscal year 2024 cash and non-cash expenditures to ensure coverage of at lease 40% (HIGH risk auditee) of federally granted funds.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost.
The District did not provide any federal awards to subrecipients during the year.
Title: 5. Indirect Costs
Accounting Policies: All federal grant operations of Fort Sumner Municipal Schools (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 below. These programs represent all federal award programs and other grant with fiscal year 2024 cash and non-cash expenditures to ensure coverage of at lease 40% (HIGH risk auditee) of federally granted funds.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost.
The District has not elected to use the 10% de minimis indirect cost. Reconciliation of Schedule of Expenditures of Federal Awards to Statement of Revenues, Expenditures, and Changes in Fund Balance. See the Notes to the SEFA for chart/table