Audit 351860

Title: 1. Scope of Audit Pursuant to OMG Uniform Grant Guidance Accounting Policies: All federal grant operations of Chama Valley Independent 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 grants 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 minimus indirect cost. All federal grant operations of Chama Valley Independent 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 grants 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 Chama Valley Independent 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 grants 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 minimus 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 June 30, 2024. The information in this schedule is presented in accordance with the requirements of the Office of Management 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 programfor 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 completed 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 Chama Valley Independent 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 grants 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 minimus indirect cost. Various reimbursment procedures are used for Federal awards received by the District. Consequently, timing difference between expenditures and program reimbursments 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 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 Chama Valley Independent 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 grants 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 minimus 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 Chama Valley Independent 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 grants 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 minimus indirect cost. The District has not elected to use the 10% de minimis indirect cost.