Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Par 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures
may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use 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
South Point Local School District (the School District’s) under programs of the federal government for the year ended
June 30, 2024. The information on this Schedule is prepared 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 Guidance). 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, changes in net position, or cash flows
of the School District.
Title: Note D - Child Nutrition Cluster
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Par 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures
may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The School District commingles cash receipts from the U.S. Department of Agriculture with similar State grants.
When reporting expenditures on this Schedule, the School District assumes it expends federal monies first.
Title: Note E - Food Donation Program
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Par 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures
may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The School District reports commodities consumed on the Schedule at the entitlement value. The School District
allocated donated food commodities to the respective programs that benefitted from the use of those donated food
commodities.
Title: Note F - Transfers Between Program Years
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized
following the cost principles contained in Title 2 U.S. Code of Federal Regulations Par 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures
may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The School District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Federal regulations require schools to obligate certain federal awards by June 30. However, with DEW’s consent,
schools can transfer unobligated amounts to the subsequent fiscal year’s program. The School District transferred the
following amounts from 2024 to 2025 programs:
Program Title AL Number
Amt.
Transferred
Title I Grants to Local Educational Agencies 84.010 $ 828
Supporting Effective Instruction State Grants 84.367A 19,116
Student Support and Academic Enrichment Program 84.424A 26,616
Special Education Grants to States 84.027A 182,462
Special Education Preschool Grants 84.173A 2,959