Title: NOTE 1: SCOPE OF AUDIT PUSUANT TO THE UNIFORM GUIDANCE
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Several programs are funded jointly by State appropriations and Federal funds. Encumbrances for purchase orders and contracts are not recorded as expenditures because the liability has not been incurred for goods received or services rendered; however, these encumbrances (if any) are reserved in the fund balances of the governmental funds. Costs incurred in programs partially funded by Federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate during the fiscal year ended September 30, 2024.
The Hoover City Board of Education (the Board), is an agency of the State of Alabama. All significant operations of the Board are included in the scope of the Uniform Guidance. The U. S. Department of Education has been designated as the Board's cognizant agency for the "Single-Audit”.
Title: NOTE 2: FISCAL PERIOD AUDITED
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Several programs are funded jointly by State appropriations and Federal funds. Encumbrances for purchase orders and contracts are not recorded as expenditures because the liability has not been incurred for goods received or services rendered; however, these encumbrances (if any) are reserved in the fund balances of the governmental funds. Costs incurred in programs partially funded by Federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate during the fiscal year ended September 30, 2024.
Single Audit testing procedures were performed for program transactions occurring during the fiscal year ended September 30, 2024.
Title: Note 4: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ACCRUED AND DEFERRED REIMBURSEMENT
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Several programs are funded jointly by State appropriations and Federal funds. Encumbrances for purchase orders and contracts are not recorded as expenditures because the liability has not been incurred for goods received or services rendered; however, these encumbrances (if any) are reserved in the fund balances of the governmental funds. Costs incurred in programs partially funded by Federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate during the fiscal year ended September 30, 2024.
Various reimbursement procedures are used for Federal awards received by the Board. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year-end represent an excess of expenditures over cash reimbursements received to date. Generally, accrued or deferred balances caused by differences in the timing of cash reimbursements and expenditures will be reversed in the remaining grant period.
Title: Note 6: FEDERALLY FUNDED INSURANCE AND FEDERALLY FUNDED LOANS
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Several programs are funded jointly by State appropriations and Federal funds. Encumbrances for purchase orders and contracts are not recorded as expenditures because the liability has not been incurred for goods received or services rendered; however, these encumbrances (if any) are reserved in the fund balances of the governmental funds. Costs incurred in programs partially funded by Federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate during the fiscal year ended September 30, 2024.
The Board has no federally funded insurance and no federally funded loans or loan guarantees for the fiscal year ended September 30, 2024.
Title: Note 7: TRANSFERABILITY OF ESEA PROGRAMS
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis of accounting. Federal grant revenues are recorded for financial reporting purposes when the Board has met the qualifications for the respective grants. Several programs are funded jointly by State appropriations and Federal funds. Encumbrances for purchase orders and contracts are not recorded as expenditures because the liability has not been incurred for goods received or services rendered; however, these encumbrances (if any) are reserved in the fund balances of the governmental funds. Costs incurred in programs partially funded by Federal grants are applied against grant funds to the extent of revenue available when they properly apply to the grant, except as described below.
De Minimis Rate Used: N
Rate Explanation: The Board has elected not to use the 10% de minimis indirect cost rate during the fiscal year ended September 30, 2024.
LEAs may transfer up to 100 percent of their allotments from Title II, Part A (84.367) and Title IV, Part A (84.424) to the other program or to Title I, Part A (84.010). For the year ended September 30, 2024, the Board transferred $150,000 from Title II and $85,344 from Title IV into Title I, increasinG the total allotment of Title I to $1,421,850.