Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The 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 award activity of the Bayless Consolidated School District under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal 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 Bayless Consolidated School District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Bayless Consolidated School District.
Title: NOTE 4 - RELATIONSHIP TO ACCOMPANYING FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Federal awards are reported in the District's accompanying financial statements as follows: see table in Notes to the SEFA.
Title: NOTE 5 - RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with generally accepted accounting principles, as applicable to the modified cash basis of accounting.
Title: NOTE 6 - MATCHING REVENUES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
For those funds that have matching revenues and state funding, federal expenditures were determined by deducting matching revenues from total expenditures.
Title: NOTE 7 - NON-CASH PROGRAMS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The commodities received, which are non-cash revenues, are valued using prices provided by the United States Department of Agriculture.
Title: NOTE 8 - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The District provided federal awards to the following subrecipient during the year ended June 30, 2022: see table in Notes to the SEFA.
Title: NOTE 9 - DONATED PERSONAL PROTECTIVE EQUIPMENT (UNAUDITED)
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certaintypes of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on theSchedule represent adjustments or credits made in the normal course of business to amounts reported asexpenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The District did not receive any donated PPE during the year ended June 30, 2022.